Earlier this month the U.S. Senate and House of Representatives passed the STORM Act (S.3418).
The STORM Act (Safeguarding Tomorrow through Ongoing Risk Mitigation) authorizes the Federal Emergency Management Agency (FEMA) to enter into agreements with any state or Indian tribal government to make capitalization grants for the establishment of hazard mitigation revolving loan funds.
Such funds shall provide funding assistance to local governments to carry out projects to reduce disaster risk in order to decrease the loss of life and property, the cost of insurance claims, and federal disaster payments.
These pre-disaster mitigation funds would help communities and property owners fund projects that harden structures against natural disasters including hurricanes, windstorm and flooding.
Funding for mitigation has been a priority that Monroe County, the municipalities and FIRM have supported. Since 2017, the National Flood Insurance Program has been extended without meaningful reforms. The passage of the STORM Act is a step in the right direction.
Read the full text of the bill here.