Transcript: Hurricane Sandy press briefing Q&A on the National Flood Insurance Program

Transcript: Hurricane Sandy press briefing Q&A on the National Flood Insurance Program on Oct. 30, 2012:

Question:
A question on the National Flood Insurance Program. Do you have a sense of how many people – I think last year’s there’s 5.6 million policies – a small number of all homeowners. Any sense of the distribution on the East Coast? My guess is that a lot of these people didn’t have it because it’s not a prone area like Florida and the like. And talk about the finances of the program. My understanding is that there’s a $19 billion shortfall?

FEMA Administrator Craig Fugate:

We’re currently doing assessments. We’re going to use remote sensing to determine those areas that we saw flood and overlay where our policies are to do the initial determinations on what potential impacts are going to be.

The program has a borrowing authority of which we have about a little over $17 billion in existing debt from prior disasters – most notably, Katrina – that we need to pay down.

And we’re going to assess the impacts of this and look at whether or not we will require additional borrowing authority based upon the estimates of how many policies have been impacted.

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3 Comments on “Transcript: Hurricane Sandy press briefing Q&A on the National Flood Insurance Program

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