The Government of the Virgin Islands has received a payout of US$552,297 from the Caribbean Catastrophe Risk Insurance Facility (CCRIF) to aid in recovery efforts following the devastating passage of Tropical Storm Philippe on October 4th.
The storm caused extensive damage to homes, businesses, infrastructure, and agriculture particularly on the island of Tortola.
The payout was made under the facility’s excess rainfall policy and marks the first since the Territory joined CCRIF in 2018.
Premier and Minister of Finance Dr the Honourable Natalio Wheatley expressed gratitude on behalf of the Government and people of the Virgin Islands to CCRIF for the timely and much-needed financial support.
He stated that this financial aid aligns with their agreement and will significantly contribute to the recovery and reconstruction efforts.
“This payout will enable us to address some of the most urgent needs of our people and restore some normalcy to our islands,” Premier Wheatley said.
Recognizing that additional financial and other resources will be needed for the recovery process, Premier Wheatley announced that a Contingency Warrant would be issued to the Public Work Department in the amount of $500,000. This amount is separate from the insurance proceeds and is intended to aid with the recovery and rebuilding of the Territory from damages caused by Philippe.
Premier Wheatley commended members of his government for their foresight in entering into such an insurance policy. He highlighted that this policy is crucial during times like these as it helps mitigate its financial gap in funding its recovery efforts.