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Damaged sail boats are shown in the aftermath of Hurricane Irma on September 11, 2017 in Key West, Florida.
Walsh also believed the National Flood Insurance Program may need to be restructured, because it basically enables people to live in places that get flooded. Just last week, the agency made changes to make it easier for homeowners to tap NFIP funds – which are already running low because of Harvey.
However, many homes enrolled in the program have been rebuilt more than once. Last week, the Wall Street Journal featured a story on a home in Texas that has flooded 22 times since 1979. The report also noted that the NFIP paid out more than $1.8 million just to rebuild the house.
“There are more of us living in areas that are more exposed to potentially higher impact storms over the next, end number of years,” Walsh said. However, he was encouraged at how much accurate forecasts are getting and allowing communities to better prepare.
Right now, the economy in many of the areas affected by Harvey and Irma are completely stalled. Eventually, government assistance and insurance money will begin to flow into Florida and Texas, helping to bring jobs, revenue and infrastructure repairs and updates.
However, this may not be the end of it: Hurricane season runs until November 30 — with eyes nervously watching a storm called Jose forming in the Atlantic.
On the Money airs on CNBC Saturdays at 5:30 am ET, or check listings for air times in local markets.
