An act relating to the Community Resilience and Disaster Mitigation Fund
Impact
The legislation proposes to appropriate $15 million from general funds for the Community Resilience and Disaster Mitigation Fund in fiscal year 2024. The fund will consist of state appropriations and insurance premium assessments designed to provide long-term financial resources for municipalities undertaking disaster resilience projects. Eligible activities for funding include technical assistance and various disaster mitigation measures, aiming to create a systematic approach to reducing risks posed by severe weather and climate-related events across the state.
Summary
House Bill H0105 introduces the Community Resilience and Disaster Mitigation Fund to support local governments in Vermont for disaster mitigation projects. It establishes a grant program aimed at assisting municipalities in implementing measures that enhance community resilience and mitigate the impact of increasingly severe weather events, a growing concern due to climate change. The bill underscores the need for proactive investment in disaster mitigation to minimize losses related to climate-induced risks, emphasizing that local governments are pivotal in addressing such challenges.
Contention
Noteworthy points of contention include the source of the fund, which will partly rely on an increased assessment on insurance premiums. Critics may argue that this could lead to increased costs for homeowners and businesses. Moreover, the emphasis on insurance company contributions raises questions about the burden on the insurance market, especially in light of existing challenges with insurance affordability. Proponents of the bill maintain that the investment is necessary to reduce overall losses and protect communities from the escalating impacts of climate change.
A CONCURRENT RESOLUTION establishing the Disaster Prevention and Resiliency Task Force to study disaster mitigation, risk assessment, infrastructure resilience, and planning for natural disasters that impact the Commonwealth.
A CONCURRENT RESOLUTION establishing the Disaster Prevention and Resiliency Task Force to study disaster mitigation, risk assessment, infrastructure resilience, and planning for natural disasters that impact the Commonwealth.