Name: Biden Estimates Milton Damage at $50 Billion, Plans Florida Visit for Sunday
Uploaded: 2024-10-12T04:37:05.000Z
Description: WASHINGTON—President Joe Biden on Friday said that Hurricane Milton is expected to cause $50 billion in damages after the storm struck Florida, leading to extensive destruction and loss of life. The president plans to visit the state on Sunday to survey areas damaged by Milton.

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WASHINGTON—President Joe Biden on Friday said that Hurricane Milton is expected to cause $50 billion in damages after the storm struck Florida, leading to extensive destruction and loss of life. The president plans to visit the state on Sunday to survey areas damaged by Milton.

“Experts estimate that … it’s caused damages of around $50 billion,” Biden said during a briefing at the White House on the government's response efforts. He noted that the cost projection is for Hurricane Milton alone and may vary.

Fitch Ratings reported on Thursday that Milton “caused considerable economic and insured losses from high winds, substantial storm surge, heavy rainfall, tornadoes and flooding.”

“We estimate Milton’s insured losses will range from $30 billion-$50 billion, the largest insured loss since Hurricane Ian (a strong Category 4) ravaged a similar path in 2022 and caused $60 billion of losses,” a Fitch report stated.

Due to the storm, more than 3 million homes and businesses lost their power.

During the briefing, Biden said the response efforts are centered around “power restoration and debris removal” to address the urgent needs of residents affected by the storm.

He said that 50,000 power line workers from 43 states and Canada are working in the area, and they have already restored power to one million people.

Hurricane Milton made landfall at Siesta Key, Florida, as a Category 3 storm but weakened more than expected after it touched down. Ninety minutes after landfall, it had slowed to Category 2 and crossed into the Atlantic as a Category 1 on Thursday morning.

The storm followed Hurricane Helene, a Category 4 that wreaked havoc on the southeast U.S. just two weeks earlier.

Biden repeated his call for additional funding from Congress to help with the recovery efforts.

“We're going to need a lot of help. We need a lot more money,” Biden said during the briefing.

He said he hasn’t spoken with House Speaker Mike Johnson. However, he is in communication with several Republicans, he noted, who would speak to Johnson.

“I think Speaker Johnson is going to get the message. He's got to step up, particularly for small businesses,” Biden said.

The president earlier urged Congress to return from recess to pass supplemental funding to help with the recovery efforts. Johnson, however, has not committed to calling Congress back into session before the November election.

Johnson reportedly mentioned that Congress might need to pass an aid package potentially reaching $100 billion due to hurricane-related costs.

The House Speaker’s office did not immediately respond to a comment request by The Epoch Times.

In a <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/10/04/letter-to-congress-on-disaster-needs/" target="_blank" rel="nofollow noopener">letter</a> to congressional leaders on Oct. 4, Biden asked Congress to restore funding to the Small Business Administration’s (SBA) disaster loan program as it faces potential funding shortfalls.

Biden warned in the letter that the agency “will run out of funding in a matter of weeks and well before the Congress is planning to reconvene.”

Rep. Anna Paulina Luna (R-Fla.) ,whose district has been impacted by the hurricane, <a href="https://x.com/RepLuna/status/1844399323343356391">urged</a> Johnson to hold a special session to pass immediate funding needs.

Luna said on X that she spoke with Biden, adding that “he’s personally ensuring FEMA doesn’t cause delays with debris removal and supports the $15B in FEMA funds specifically for hurricane victims.”

“If Congress holds a special session, we can pass this immediately. @SpeakerJohnson, let’s make it happen!”

<em>Stacy Robinson contributed to this report.</em>

<em>From <a href="https://www.theepochtimes.com/us/biden-estimates-milton-damage-at-50-billion-plans-florida-visit-for-sunday-5740238">The Epoch Times</a></em>

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