Federal Flood-Insurance Program Goes Broke

“A government agency has run out of funds to cover flood insurance claims and, in an unprecedented move, has stopped payments to policyholders. The Federal Emergency Management Agency, which runs the national flood insurance program, has advised the 96 insurance companies that sell flood policies to stop payments to policyholders until Congress says the agency can borrow more money.” (USA Today, Thursday)

What were the odds of that?

FEE Timely Classic
“The Natural Disaster Protection Act: A Disaster Waiting to Happen” by Gary Wolfram

Further Reading