British Columbia Sun

Wednesday, February 21, 2024

B.C. accepts the federal government’s ‘initial’ $5 billion in flood catastrophe relief


Key takeaways: 

  • The Finance minister states cost estimates remain ongoing.
  • BC welcomes the $5 billion in flood catastrophe relief. 

The ‘initial’ $5 billion flood catastrophe relief accepted by BC: 

British Columbia’s finance minister states the federal government’s $5 billion assistance to flood catastrophe rescue efforts in the region is a historic amount of money that mirrors the intense nature of the catastrophe.

However, Selina Robinson states in a statement the grant is an initial condition of federal dollars, and considering the full expenses of rebuilding stays an ongoing process.

The dollar figure was unveiled in federal Finance Minister Chrystia Freeland’s fiscal update published Tuesday.

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BC accepts $5 billion from federal government’s ‘initial’ flood catastrophe relief

Record amounts of rainfall prior month provoked widespread floods and slides in southern B.C. that disabled transportation routes flooded farmlands and caused thousands to strand their houses and communities.

The Insurance Bureau of Canada has reached the floods and slides the most expensive climate occurrence in B.C.’s history and assessed insured damage at $450 million, but stated the bill will be much more increased because much of the damage happened in high-risk provinces where flood insurance was not known.

Prime Minister Justin Trudeau and Premier John Horgan declared the result of a joint committee of cabinet ministers to deal with flood restoration and recovery before this month.

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