Puerto Rico will have access to $260 million of emergency funds to help recovery efforts after a series of earthquakes struck the island, including a 6.4-magnitude temblor on Tuesday, Bloomberg News reported. The total economic impact, including disruption due to damage and also power outages, could reach $3.1 billion, according to Chuck Watson, a disaster modeler with Enki Research in Savannah, Ga. Puerto Rico’s financial oversight board Tuesday approved tapping into the emergency funds through Jan. 31, according to a letter the panel sent to the commonwealth government and posted on the board’s website. Puerto Rico can use more than two-thirds of the $374 million available in the emergency fund, according to Matthias Rieker, the board’s spokesman. “We will continue to support the government during this difficult time and make sure funds for recovery are available,” Jose Carrion, chairman of the financial oversight board, on Tuesday. Along with the emergency fund, federal disaster aid may help Puerto Rico repair from the earthquakes. Peter Gaynor, deputy administrator of the Federal Emergency Management Agency, in a tweet on Tuesday expressed his agency’s support.
In related news, Puerto Rico Governor Wanda Vazquez declared a state of emergency on Tuesday after a series of earthquakes killed at least one person, toppled buildings and knocked out power to nearly the entire island of more than 3 million people, Reuters reported. The largest of the quakes in the U.S. territory registered at magnitude 6.4, the most powerful to hit the Caribbean island in 102 years. With two large power plants shut down, drinking water was cut off to at least 300,000 customers, Vazquez told a news conference. She said power should be restored to most of the island within 24 to 48 hours. Puerto Rico schools will remain closed and public employees, other than health workers and police, will stay home on Wednesday while checks are made on the structural safety of buildings, Vazquez said. Read more.
