Federal money will help coast and hurricane protection – InsuranceNewsNet

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WE Sen. Bill Cassidy speak with HoumaThibodaux last week, oil industry officials spoke about coastal restoration, hurricane recovery and other issues affecting the community and Louisiana.

Cassidy, R-The.spoke to South Central Industrial Association during lunch at the Cypress Columns meeting room in Gray.

Cassidy highlighted the money intended for Louisiana from Investment in infrastructure and Jobs Act, approved by Congress at the end of last year. The $1.2 trillion package that funds improvements to roads, bridges, water systems and levees, high-speed internet access, airports, ports and more.

Louisiana is guaranteed more than $7 billion of the bipartisan bill and will be eligible for billions more in benefits.

Cassidy, one of the bill’s main sponsors, said he had been criticized for working with Democrats to pass the measure, but added that the legislation is a matter of compromise.

“Sometimes people get mad at me for working with a Democrat, but guess who has all the power Washington? It’s the Democrats who control the House, Democrats who control the Senateand last I looked, Biden is a Democrat,” Cassidy said. “So if you want to get something for your community, you have to work with other people.”

Hurricane and Flood Recovery

Cassidy recalled that President Joe Biden called him to try to resolve a disagreement after the infrastructure bill hit a snag.

Cassidy said the measure includes $3.5 billion for the coastal resilience of areas affected by natural disasters over the past six years.

Another one $3.5 billion will help areas flooded in the past 10 years. Cassidy said this also applies to other states, but Louisiana deposited approximately 50% of the National Flood Insurance claims over the past 10 years.

Economy growth

“This bill is not about catching us up to 2022; this bill is about creating an economy for 2050 so that this region doesn’t necessarily have its ups and downs with the oil and gas industry,” he said. said Cassidy. The objective is to diversify so that oil and gas continue to play a role, but Terrebonne and The fork are not at the mercy of fluctuations in world oil prices.

The bill provides $8 billion in competitive grants to create a series of “hydrogen hubs” across the WE which would produce hydrogen to be used as fuel. The process, Cassidy said, takes the natural gas already produced and separates the carbon from the hydrogen so the two can be used separately.

Louisianaone of the main producers of natural gas, applied for a grant to produce a hydrogen hub in the state.

Prepare for storms

Cassidy said he and others in Congress are working to add a disaster relief package to a larger bill to pay for government operations this fall.

As it is, FEMA trailers are often sent to areas recovering from hurricanes only to be damaged or destroyed in the next storm. Cassidy said he and others are considering ways FEMA or HUD could instead help residents strengthen their homes so they can withstand a Category 4 hurricane.

harness the wind

Cassidy is part of a bipartisan group of senators who have introduced a measure to ensure states get half of the revenue generated by wind farms that generate electricity off their coasts.

The Reinvesting in Shoreline Economies and Ecosystems Act, or RISEE, would also give Louisiana and other states a greater share of oil and gas revenues from drilling in federal waters off their coasts.

Among the provisions, the bill, which won committee approval and is now heading towards full SenateAmend the current Gulf of Mexico Energy Security Act to:

Eliminate the state revenue sharing cap, now at $375 million.

Increase the amount shared with the States from 37.5% to 50%.

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