Total damage in Western North Carolina is estimated at roughly $53 billion, Cooper said. His proposed $3.9 billion would be for costs that won’t be covered by the federal government or private insurance, he explained during a news conference Wednesday.
He called the money a “down payment on Western North Carolina’s future.”
“Evidence from past storms shows that communities that recover fastest and strongest are the ones that get fast and strong investment after the storm,” he said.
Mitchell, Yancey and Buncombe counties suffered the most damage and need the most help to rebuild the grid, Cooper said, with schools still closed.
“These businesses need cash fast, and our plan would provide grants and loans to keep businesses afloat, just like we provided during the pandemic,” the governor said. “Our proposed investments also include roads and bridges, healthcare centers, schools, downtown and other vital needs. But this is just a start.”
The General Assembly is holding a session on Thursday just to pass its second wave of Helene relief, after approving $273 million in relief on Oct. 10, a bill quickly signed by Cooper. He is a Democrat and the legislature is Republican-controlled. Republican lawmakers have not yet released the bill, which they also plan to vote through the same day.
Lawmakers spent the past two weeks gathering more information for what exactly is needed in disaster relief this month, and expects much of the relief to come from the federal government.
The state’s Savings Reserve fund, also known as the rainy day fund, has $4.47 billion in it as of Oct. 18, according to the Office of State Budget and Management, which is under the Cooper administration.
Republican House Speaker Tim Moore told reporters when the last bill passed two weeks ago that the second bill would likely be funded from the Savings Reserve, too. He noted that the state also has about $700 million in a separate disaster response fund.
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