Insured damage from April’s flood is now topping over $400 million.
That’s according to the RMWB’s Chief Administrative Officer Jamie Doyle who announced at Wood Buffalo council’s meeting on Tuesday an update from the Insurance Bureau of Canada.
Speaking on Fort McMurray Matters, Mayor Don Scott says he believes the number may be closer to half a billion.
“Not every insurance company reports to the Insurance Bureau of Canada, so it’s an unbelievable huge cost.”
IBC first put the total at $228 million back in early June, however, more claims for commercial and personal property continue to creep in.
In an email sent to Mix News, the insurance company wouldn’t confirm the latest number, noting they would be providing an update in the coming weeks.
The exact number of uninsured damage is currently unknown.
The government of Alberta has provided $100 million through Disaster Relief Funding. Applications will be accepted until August 5, 2020.
Scott adds these programs may become less frequent in the near future and we can’t keep relying on them.
“The amount of disasters that are happening across Canada means that, not only, the provincial government is shifting but the federal government is shifting as well and we need to anticipate that shift and take steps in anticipation of that shift.”
The municipality is currently considering several options to limit the damage if another flood were to happen. This includes buying out properties in Draper, Ptarmigan Court, and Waterways.
Council is expected to make a final decision on July 28. A town hall has been scheduled for July 20, at 6:10 p.m., where residents can share their thoughts directly with the RMWB.