Albanese to Local, State and Federal Government: "Subsidize Flood Insurance"
Government failed, at every level, to take proactive steps to protect New York from a coastal storm we had been warned about for more than a decade, Albanese said, and our elected officials now have to deal with the consequences.
Albanese proposes subsidizing the greatly-increased flood insurance premiums of property owners in Sandy-damaged neighborhoods by up to $10,000 a year while they finish rebuilding and neighborhoods are retrofitting to withstand future storms.
Since flood insurance premiums are based on risk, Albanese said, substantially reducing risk through resiliency efforts should bring premiums down. Proactive government, he said, can drive down the higher premiums that reactive government drove up.
When resiliency efforts have fully kicked in and communities are protected, the government subsidy should end, he said.
Posted by Kip at Saturday, August 31, 2013