New Funding Strategy Could Provide Up to $10 Billion to Prevent Climate Disasters
In the past year FEMA, the Federal Emergency Management Agency, has taken a leading role in fighting Covid-19 — and the agency’s plan is to count that Covid spending toward the formula used to redirect money to climate projects. Doing so would allow the Biden administration to quickly and drastically increase climate-resilience funding without action by Congress, generating a windfall that could increase funding more than sixfold.
Michael M. Grimm, FEMA’s acting deputy associate administrator for disaster mitigation, said the agency’s initial estimates suggested that as much as $3.7 billion could be available for the program, called Building Resilient Infrastructure and Communities, or BRIC. By comparison, that program so far has just $500 million to award in grants.
More of that $3.7 billion “may be forthcoming,” Mr. Grimm said in a statement.
But the amount of new money could potentially climb to as much as $10 billion, according to some estimates, if FEMA also decided to count Covid dollars toward a similar fund, the Hazard Mitigation Grant Program, designed to help communities rebuild after a disaster. Mr. Grimm said the decision to provide that funding has not yet been made.
The proposal wouldn’t necessarily reduce the money available to address Covid, according to people familiar with the plan. Rather, it would give FEMA the ability to draw additional resilience money from the government’s dedicated disaster fund, which Congress routinely replenishes once the fund is drawn down.
You can read more about this on the NY Times website here.