(PLTM) - Government of the Virgin Islands has received US$552,297 from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) to assist in recovery efforts following the passage of Tropical Storm Philippe on October 4.
The storm caused widespread damage to homes, businesses, infrastructure and agriculture in the Territory. The payout was made under the facility’s excess rainfall policy and is the first since the Territory joined CCRIF in 2018.
Premier and Minister of Finance Honourable Dr. Natalio Wheatley said the Government and people of the Virgin Islands are grateful to CCRIF for the timely and much-needed financial support in accordance with the agreement, which will help with the recovery and reconstruction efforts.
Premier Wheatley said, “This payout will enable us to address some of the most urgent needs of our people and restore some normalcy to our islands."
The Premier said he recognises that additional financial and other resources will be needed to assist with the recovery process and a Contingency Warrant would be issued to the Public Work Department in the amount of $500,000 separate and apart from the insurance proceeds, to aid with the recovery and rebuilding of the Territory from damages caused by Philippe.
Premier Wheatley congratulated the members of his government for their foresight in entering into such an insurance policy for times like these whereby they can mitigate its financial gap in funding its recovery efforts.