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Storm-Rocked Flood Insurance Plan Could Go Broke Week After Next

Bloomberg business news

Who Pays The Bill When Mother Nature Strikes?

The U.S. National Flood Insurance Program, struggling with the costs of this year’s record hurricane season, will run out of money as early as Oct. 23 unless Congress takes action.

The Federal Emergency Management Agency, which runs the taxpayer-subsidized flood insurance program, "estimates potentially exhausting available NFIP funds the week of October 23," the agency said in a statement. If that happens, the program will be unable to make claims payments to people whose homes have been damaged by Hurricanes Harvey, Irma, Maria or Nate, or other disasters this year.