June 9, 2014 by Canadian Underwriter
The Alberta government reports that it has provided more than $191 million to date in disaster assistance to municipalities and First Nations to begin rebuilding in the wake of last June’s devastating flooding, a event that has since become the most expensive insured natural disaster ever in Canada.
Last September, the Insurance Bureau of Canada (IBC) reported insured property damage related to the flooding in Southern Alberta is estimated to exceed $1.7 billion.
The floods that began June 20, 2013 affected more than 100,000 Albertans in 30 communities, note the updated provincial flood statistics released Friday by the Alberta government. The flooding affected homeowners, businesses and communities themselves.
The province has issued payments totalling $71.5 million to almost 10,500 Albertans who have applied for funding through the Disaster Recovery Program (DRP), including more than 1,500 small businesses, the update notes.
Of the eligible homeowners who live in the floodway, 107 have expressed interest (the deadline to do so is August 30) in the relocation program. Of those, 77 homeowners have entered into agreements to sell their properties, valued at $81 million.
“Homeowners who choose not to relocate and have accepted DRP assistance will not be eligible for DRP support in the event of future floods,” the update adds.
Among other measures taken by the provincial government since the flooding include the following:
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