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$60 billion needed for Sandy relief, says White HousePosted On Mon, December 17, 2012
The White House recently called upon Congress to provide $60 billion in relief funding to support efforts to clean up damage left behind by Superstorm Sandy.
According to Insurance Journal, the administration submitted the request to the House of Representatives and included a detailed spending plan explaining where the money was intended to go and how it would help to prevent disasters of this magnitude from occurring in the future.
The spending plan included efforts to repair homes and properties in affected areas and provide the communities with plans of action in the event of future storms. It also included $9.7 billion in funding for the National Flood Insurance Program.
The NFIP has been in need of increased federal funding for months, according to Insurance Journal. The program has been $18 billion in debt since Hurricane Katrina, and with the brunt of the fresh $70 billion from Sandy resting on its shoulders, the White House has determined that replenishing its funds is a top priority.
The NFIP has already reported that homeowners are expected to see flood insurance rates increase by 20 to 25 percent at the beginning of the new year.
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