NEWS NOTES ON SUSTAINABLE WATER RESOURCESNational Flood Insurance Programhttps://www.gao.gov/assets/710/707826.pdf“NFIP has faced significant ...

NEWS NOTES ON SUSTAINABLE WATER RESOURCES
National Flood Insurance Program
https://www.gao.gov/assets/710/707826.pdf

“NFIP has faced significant financial challenges over the years, highlighted by a rise in catastrophic flood events and its $20.5 billion debt to Treasury. Contributing to these challenges are repetitive loss properties—those that have flooded and received a claim payment multiple times. Acquiring and demolishing these properties is one alternative to paying for repeated claims, but questions exist about the cost, efficiency, and effectiveness of this approach.”

“GAO was asked to review FEMA’s property acquisition efforts as a means of addressing NFIP’s financial challenges. This report examines (1) funding programs available for acquisitions, (2) FEMA’s flood mitigation efforts, and (3) factors contributing to NFIP’s fiscal exposure.”

“GAO suggested in GAO-17-425 that Congress make comprehensive reforms to NFIP to improve the program’s solvency. Given NFIP’s continued debt growth, GAO maintains that comprehensive reform warrants consideration.”

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