Over two months since Hurricane Sandy hit the Northeast, and many homeowners and business owners are still without money to pay for the property damages that the fierce storm caused. While some victims had enough insurance, others did not have adequate insurance or any insurance for specifics such as flooding. Because of this, the Federal Emergency Management Agency (FEMA) had warned government officials that it would run out of money to lend aid to flood victims.
The governors of Connecticut, New Jersey, and New York estimated their damages at $82 billion from Sandy, and President Obama requested $60 billion in total federal aid for the above three states.
Without the additional money, over 100,000 flood claim payments would be delayed, said the White House. On this note, the House of Representatives overwhelmingly approved $9.7 billion in Hurricane Sandy aid and President Barack Obama signed this bill into law, increasing the borrowing authority of FEMA.
This disaster relief fund will pay for flood insurance claims for victims of Hurricane Sandy; however, the House and Senate have failed to act on a more comprehensive aid package of $51 billion for Sandy aid. House Speaker John Boehner has indicated a vote will be held on January 15, 2013, followed by the Senate vote the next week. This means that those in New York and New Jersey are still awaiting the bigger battle over relief funds.
The states affected by Hurricane Sandy actually have sought $60 billion in disaster relief funds, and the $9.7 billion portion approved by the House was just a small part of the aid. If approved, the majority of that money will help the devastated communities repair roads, rebuild public infrastructure, and provide some disaster relief funds to families and businesses of those distraught communities.