Business group warns of Biggert-Waters impact - FOX 8 WVUE New Orleans News, Weather, Sports

Business group warns of Biggert-Waters impact

Updated:

New Orleans, La. - Business leaders released a statement Wednesday on what they see as the potentially devastating impact of flood insurance increases on the regional economy.  

Members of Greater New Orleans, Inc. reviewed congressional efforts to solve a problem affecting tens of thousands of home and business owners. The business development group warns of extremely dire consequences from the one-two punch of the Biggert-Waters Act and revised FEMA flood maps.

GNO, Inc. President Michael Hecht points to examples of policies soaring 5,000 percent or even more for those who have never experienced a flood.

The Biggert-Waters Act was created to help stabilize the National Flood Insurance Program, which is struggling after one major hurricane after another in recent years. The program is about $25 billion in debt.

The business leaders say, if U.S. House and Senate leaders cannot resolve the issue, ripple effects will "shut down" economies both here, and around the country.

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