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Experts say such pay-as-you-go disaster funding can be risky. Add an economic downturn when reserves are low and budgets are tight, and state and local officials could easily find themselves struggling to pay for recovery and rebuilding. Thankfully, our economy is in pretty good shape right now, said state Rep. Terry England, chairman of the House budget committee in Georgia, where all 159 counties reported damage from Hurricane Irma. If this had hit in 2010 or 2011, it might have been a little bit different.
Georgia is one of the states better prepared financially to handle the unexpected costs of a disaster. It has a dedicated emergency fund with roughly $20 million available annually and a rainy day fund with approximately $2.4 billion, England said.