WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) released the following statement following the new CBO report finding that for every dollar spent on federal projects to help communities adapt to flooding reduces damages by $2 to $3 on average. Cassidy has long supported investing in flood mitigation infrastructure, securing billions to lower the risk of flooding in the Infrastructure Investment and Jobs Act (IIJA).
“This report confirms what Louisiana has proved for years—investing in resiliency pays off,” said Dr. Cassidy. “The Infrastructure Investment and Jobs Act provided over $367 million in coastal resiliency grants and millions more in flood mitigation assistance grants for Louisiana. This funding lowers our risk of flooding and will ultimately reduce the burden on the National Flood Insurance Program. It’s a win-win.”
Background
Cassidy spoke on the Senate floor two weeks ago about the need to reauthorize and reform NFIP. That speech was the sixth installment of a series of Senate floor speeches Cassidy is using to focus attention on unsustainable flood insurance premiums.
In January, the U.S. Senate Banking Committee held a hearing on NFIP at the request of Cassidy. The hearing highlighted the urgent need for Congress to act and featured a Louisiana witness. Cassidy also participated in a roundtable hosted by GNO, Inc. and the Coalition for Sustainable Flood Insurance before introducing the bill to hear from community leaders and advocates on the issue. Last year, Cassidy traveled St. Bernard Parish to talk with residents about their flood insurance premiums, resulting in the second episode of his series Bill on the Hill.
Earlier this month, President Biden approved a disaster declaration in the wake of Hurricane Francine. Ascension, Assumption, Lafourche, St. Charles, St. James, St. John the Baptist, St. Mary, and Terrebonne Parishes were all covered by the declaration.
Cassidy was a main negotiator for the IIJA, which provided $5.5 billion in disaster mitigation, coastal restoration, and flood mitigation assistance. Last week, Cassidy announced Louisiana will receive $206 million in funding from the Federal Emergency Management Agency’s (FEMA) Flood Mitigation Assistance program, the second most of any other state. In addition, IIJA provides $17 billion for the Army Corps of Engineers, $2.55 billion of which is specifically for Coastal Storm Risk Management and Hurricane and Storm Damage Reduction projects targeting states such as Louisiana that have been impacted by federally declared disasters over the last six years.
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