Taxpayers face lion’s share of $50bn storm Harvey bill
The storm may add momentum to those pushing for an overhaul of the government-backed policy, which is already heavily indebted and requires reauthorisation by Congress by the end of this month or it will expire. Ray Lehmann, senior fellow at the R Street Institute, a free market think-tank, argues the taxpayer subsidy encourages building on flood plains. “Rates need to reflect the risk,” he says. The political fallout from Harvey is likely to encourage lawmakers to keep the scheme alive, however.
