New York Senator Michael Balboni, a member of the Senate Insurance Committee, has introduced a bill that would help protect New Yorkers from the consequences of a catastrophic storm, terrorist attack, or other event.
Many may not realize that in September of 1938, one of the nation's most destructive hurricanes — dubbed “The Long Island Express” — killed 700 and caused $308 million in damages in the New York area. If a hurricane of similar force were to hit Long Island today, replacement costs are estimated to be in the tens of billions of dollars.
Balboni's bill, the “New York Consumers Catastrophe Preparedness and Protection Act,” would create the New York Catastrophe Fund, a public-private partnership that would act as a backstop to strengthen weaknesses of the current system. The bill ultimately could lead to a similar — and controversial — national program that would provide financial protection from disasters for all U.S. citizens, regardless of where they live.
“Senator Balboni is taking the necessary first steps to prepare New Yorkers for catastrophe and to protect them from the financial consequences that follow. A statewide financial backstop is an important start, and federal representatives should follow Senator Balboni's lead in order to prepare for and protect all Americans from mega-catastrophes,” said James Lee Witt, former director of the Federal Emergency Management Agency and co-chair of ProtectingAmerica.org.
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