E&E News: “FEMA Insurance Program Runs Out of Money”
Carlos Martín, RFF’s Vice President for Research and Policy Engagement, is quoted in this article about FEMA’s dwindling funds.
“But as hurricanes have become increasingly destructive due to climate change and increased development, FEMA has been forced to borrow increasingly large amounts of money from taxpayers since 2017. It owes $22.5 billion to the Treasury Department. Previously, FEMA usually repaid its loans in a year or two.
‘The scale and severity of hazard events that we’re seeing are emptying public coffers quick,’ said Carlos Martín, a flood insurance expert and vice president of research and policy engagement at Resources for the Future, a think tank focused on environmental economics.”
