How is reporting Insurance Journal, right after the Senate's approving a similar borrowing authority increase by $60 billion for Superstorm Sandy victims, quickly approved the $9.7 billion for the National Flood Insurance Program by unanimous consent. There are about 114.000 people, that are waiting for their claims in the Northeast from Sandy. Approximately in Jan 7, NFIP will run out of funds and they would not be able to pay Superstorm Sandy claims. Some experts say, that damage dealt by Superstorm Sandy, could generate about 139.000 claims, but if the government won't increase in the borrowing authority, only little number of this claims can be covered, it's about 12.000, said Charles Symington, the vice president of government affairs.
The government is planning to take up the supplemental aids for Sandy victims by $51 billion on Jan 15. Jimi Grande, senior vice president of federal for NAMIC said, that the country need to mitigate the damage from future storms like Sandy, by encouraging stronger state building codes, it will prevent the damage dealt by future storms like Sandy. The stronger building codes have reduced the wind damages by 80 percent. If the people will start to build more secure buildings, it will recoup just after the new storm appear. Using strong building codes, the government can reduce the disaster aid spending approximately by $11 billion, according to the Louisiana State University Hurricane Center.
Grande said, that as they help the victims of Superstorm recover, the Congress can start to help the victims of the future catastrophe by encouraging the building of more secure houses.