The Federal Emergency Management Agency said it needs to borrow $2 billion from the U.S. Treasury to cover claims from National Flood Insurance Program policyholders.
FEMA, administrator of NFIP, said it expects to pay out more than $10 billion in flood claims related to hurricanes Helene and Milton in 2024 – as well as claims for other flooding events last year.
“The NFIP is not designed to pay for multiple catastrophic events in a single year without additional financial assistance,” FEMA said. “The combined losses from 2024 have depleted the NFIP’s funds generated from premiums