Congress's recently passed $9.7-billion aid package for flood insurance claims is a good start but is only a prelude to the $51-billion package that lawmakers need to pass in coming weeks to help Superstorm Sandy victims, say local industry and elected officials. While there is no guarantee that the larger bill will be voted on and passed soon, it is vital to recovery efforts, they add. A House vote on the $51-billion measure is expected on Jan. 15, with a Senate vote the week of Jan. 21.
The $9.7 billion temporarily increases the borrowing authority of the Federal Emergency Management Agency (FEMA) to carry out the National Flood Insurance Program (NFIP). The NFIP program is reaching its $20.7-billion borrowing cap, but the extension allows flood insurance funds to continue to be dispersed to those devastated by the storm, Michael Grimm (R) said in a statement. Grimm represents Staten Island and part of South Brooklyn. He calls the $9.7 billion a "down payment on a much larger aid bill."