The U.S. Department of Housing and Urban Development (HUD) recently granted $326 million in funding for hurricane living expenses and other costs from Hurricanes Michael and Irma.

$287 million of the federal assistance will reportedly be diverted to helping those affected by 2018 Hurricane Irma while another $38.6 million will help those who have not recovered from 2017 Hurricane Irma. These additions to federal aid bring recovery assistance to $735 million for Hurricane Michael and $1.36 billion for Hurricane Irma.

“Today, we take another important step to ensure those hardest hit by recent disasters can fully recover,” HUD Secretary Ben Carson said regarding the grant according to the Center Square. “The grants awarded today will help these local communities continue the recovery process of rebuilding their homes, restoring their businesses and repairing their critical infrastructure.”

In a statement, Florida governor Ron DeSantis reportedly thanked both President Trump and Secretary Carson for the grant. He states that the fund will go a long way in addressing “housing and infrastructure needs so our communities may continue to rebuild and emerge stronger than ever before.”

Hurricanes Michael and Irma left serious devastation in their wake. Michael was the most powerful hurricane to hit Florida since Hurricane Andrew in 1992. The storm caused damage in a 90 mile long, 60 mile wide swath of the Panhandle, including a 14 foot storm surge.

Hurricane Michael reportedly killed 26 people, damaged over 144,000 homes, and resulted in serious damage to agricultural and forest land.

Hurricane Irma was a category 4 storm which hit Florida in September 2017. Over 6.5 million Floridians were ordered to evacuate due to the storm and nearly 75 percent of the state’s electrical customers were left without power. The storm reportedly killed 84 people.

Hurricane Living Expenses & Other Costs

According to the Office for Coastal Management’s National Oceanic and Atmospheric Administration (NOAA), 16 separate billion dollar weather events in 2017 cost a combined $306.2 billion. Although people often throw around billion dollar figures when discussing hurricanes, people are less likely to truly understand the financial impact that hurricanes have on individual families.

If a homeowner’s house id destroyed by a hurricane, they may be forced to completely rebuild if the damage is severe enough. This can cost hundreds of thousands of dollars although exact costs can vary depending on local costs and square footage.

According to the Insurance Information Institute (III), the following factors can contribute to the cost of rebuilding a home after a natural disaster such as a hurricane:

• Type of exterior walls being constructed (frame, masonry, veneer, etc.);
• Style of the home (ranch, colonial, etc.);
• Number of rooms and bathrooms;
• Type of roof and roofing materials needed;
• Repairs/rebuild of garages, sheds, and other structures;
• Special features (fireplaces, arched windows, exterior trim);
• If the original house was custom built;
• Improvements which added value to the home (adding bathrooms, kitchen renovation, etc.)

Additionally, homeowners need to worry about added hurricane living expenses. If their home is destroyed or otherwise rendered unlivable, homeowners have to pay to live elsewhere temporarily. Business owners are faced with even more expenses if their operations are disrupted by a hurricane. These people may be forced to temporarily relocate their business or completely close until repairs are done.