WASHINGTON (Reuters) - The federal government's flood insurance program may not have access to enough funds to cover anticipated claims from Hurricane Sandy victims, a top official at the Federal Emergency Management Agency said on Thursday.
Edward Connor, FEMA's deputy associate administrator for federal insurance, told an insurance advisory panel on Thursday that his agency is projecting a flurry of flood-related claims in the neighborhood of $6 billion to $12 billion.
That is well above FEMA's current borrowing power, he said, which is maxed out at $2.9 billion. To extend it would require authorization from Congress, something Connor said he expects the Homeland Security Department will request soon.
(Reporting By Sarah N. Lynch; Editing by Gary Hill)
Supermodel Bar Refaeli Shows Support For Israeli Soldiers, Ending Terror on Instagram | Katie Pavlich
"Gas the Jews": Anti-Semitic Protesters Loot Shops, Burn Cars In France's 'Little Jerusalem' | Cortney O'Brien
The Threat to the Scientific Method that Explains the Spate of Fraudulent Science Publications | Calvin Beisner