Monday, January 23, 2006

 

$200B Rebuilding Cost

The economic effects of Hurricane Katrina have yet to be fully evaluated, but already the call for federal aid to help the victims has escalated.

The unprecedented scale of the destruction wrought by Katrina has yet to be fully quantified, but estimates of the cost have been rising sharply.
The insurance industry now estimates the damage to buildings and property to be in the order of $150bn, of which only some $40bn will be covered by insurance.

In addition, there is extensive damage to government-owned infrastructure such as interstate highways, ports and levees.

There is also the cost of temporarily housing and supporting the hundreds of thousands of residents have been evacuated. Under current plans this aid lasts for a year and can total over $26,200 in direct grants.

Overall, the total cost of the hurricane could exceed $200B.

Cincinnati Change is joining demands for more public spending for a "domestic Marshall plan".

Cincinnati Change will create a partnership with an Inter Faith Based Leadership Caolition lead by Pastor Wanda Lloyd-Daniels, of Ammons United Methodist Church who is also a journeywoman of the International Brotherhood of Electrical Workers, owner of Lloyds General & Electrical Contractors, a Ohio company that is 20 plus years old general contracting and technology company that is a FBE/MBE/SBE and she is the head of the Cincinnati Hamilton County Black Republican Forum.

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