Maple Simple

    Digital nomad with simple solutions

    The Federal Reserve says it could be as much as $2 trillion to support Puerto Rico in the coming decades as the island recovers from Hurricane Maria.

    The Federal Emergency Management Agency says Puerto Rico will need to borrow $2,976 billion to pay for infrastructure, services and other essential needs in the months and years ahead.

    But it’s unclear how much that could be, with President Donald Trump’s budget proposal calling for borrowing $2 billion to support the island.

    The agency also said Puerto Rico could face a $2-trillion shortfall from the storm’s aftermath. 

    The agency estimates that the recovery could take at least 10 years, and said Puerto Rican taxpayers would have to pay $3.3 trillion to cover those costs. 

    While the recovery effort is the focus of Trump’s $1.9 trillion infrastructure package, Puerto Rico’s recovery has been a focus of his administration.

    In the wake of the storm, Trump said Puerto Ricans should have more money in their accounts.

    But his administration has proposed billions in cuts to vital programs, including the U.S. Census Bureau, which has helped Puerto Rico recover.

    The Trump administration has also proposed a plan to privatize the island’s public utility, Puerto Cua, which the island is owned by the U-S government.

    Puerto Rico is a U.s. territory, but Puerto Rico has no sovereignty. 

    Puerto Rico is struggling to rebuild after Hurricane Maria devastated the island last week, with an estimated $10.4 billion in damage.

    Trump has proposed $1 billion in infrastructure projects, including $1 trillion to rebuild roads, schools and other infrastructure, but the agency has said that money would be difficult to access. 

    “Puertoria is in the midst of a crisis and will need additional resources to support its recovery efforts,” the agency said in a statement, referring to Puerto Rico. 

    Officials have warned that Puerto Rico would face a fiscal crisis even if it were not hit by Maria, because of the amount of federal debt it already owes.

    The Puerto Rico Federal Emergency Fund, which covers the island, has already run out of cash and is at $28.6 billion.

    RELATED ARTICLES

    New BMW Grand National

    The BMW Grand Nationals is the latest in a string of new models from the company that have been unveiled during its annual meeting in Detroit.In the latest model, the new Grand National is a three-door sedan with a base price of $54,900.It comes with…