To date, the co-op has received FEMA reimbursements totaling approximately 40% of of its estimated FEMA reimbursement. When FEMA announces an award for our co-op, it is a notice of obligated funding, not payment. As FEMA continues to review expenses, additional obligations may be set aside for SVEC. However, Florida’s department of emergency management must still conduct its own review processes before determining a final reimbursement amount. This process often takes years to complete. Furthermore, FEMA does not reimburse all storm related expenses. Based on historical data, we anticipate approximately 75% to be reimbursed.
Updates on Idalia Cost Recovery, including the $31M announcement from FEMA earlier this summer, can be found at https://www.svec-coop.com/news-releases/idalia-cost-recovery/
In all, we've incurred over $134M in storm costs. That's the equivalent of more than 2 years of our normal operating expenses on storms alone. An unexpected impact of that magnitude is not a fast or easy recovery for any business. Nonetheless, we continue to put our best foot forward, working diligently to document and obtain reimbursements.
