Issue link: https://nebusinessmedia.uberflip.com/i/1529898
W W W. M A I N E B I Z . B I Z 17 D E C E M B E R 2 , 2 0 2 4 F O C U S B A N K I N G / F I N A N C E / I N S U R A N C E So far, funding has enabled repair and recovery in over 40 towns and cities, nearly 70 working waterfront facilities, and over 100 businesses and nonprofits. Working waterfront projects include reconstruction and improvement of damaged wharves and piers, rebuild- ing and restoration of support buildings such as bait sheds, and repairing and upgrading fuel and electrical systems. Preliminary grants included $2 million each for the Custom House Wharf and the Maine Wharf LLC in Portland, and $516,500 for the New Harbor Co-op. "ese funds will help rebuild the docks higher by up to 2 feet, repair the wiring, replace our freezer and move the office to a safer location," Linda Vannah, the co-op's manager, said at the time. Long-term plan Accelerating the investment is a $69 mil- lion federal grant prepare critical infra- structure for future storm impacts. In May, Gov. Janet Mills created the Maine Infrastructure Rebuilding and Resilience Commission to develop a long-term infrastructure plan to ensure Maine is ready for harsh storms ahead. "We kicked off this commis- sion six months ago in my home of Stonington, which suffered multiple devastating blows in the January storms that struck Maine's work- ing waterfronts and flooded inland communities," says Linda Nelson, Stonington's director of economic TURN YOUR VISION INTO REALITY Bring us your inspiration and you'll work with one of our Drafting Specialists to professionally plan your project! A Division of HAMMONDLUMBER.COM 22 LOCATIONS ACROSS MAINE & NEW HAMPSHIRE Plan your financial journey with us—your own way. Federally Insured by NCUA empeople.com • (800) 338-6739 C O N T I N U E D O N F O L L OW I N G PA G E » National flood insurance The National Flood Insurance Program, created by Congress in 1968, is managed by the Federal Emergency Management Agency and delivered by insurance companies and online. Property owners must purchase flood insurance to get secured financing to buy, build or improve structures in special flood hazard areas. S O U R C E : FEMA $20B $10B $0 $30B $40B $50B $70B $60B 1980–2000 2000–2020 From 1980–2000, NFIP paid almost $9.4 billion in flood insurance claims. From 2000–2020, that number increased over 660% to $62.2 billion due to changing climate. Infrastructure resilience The Maine Infrastructure Rebuilding and Resilience Commission recently issued an interim report. Proposals include: Bolster critical infrastructure that supports electricity, heat, transportation, drinking water Help communities reduce risk and rebuild faster after disasters, including working waterfronts Bridge disaster data and communications gaps Streamline permitting to rebuild infrastructure Build capacity to prepare for rebuilding after extreme weather events Examine how to fund the scale of infrastructure resilience needs