Virgin Islands Receives US$552,297 Payout from CCRIF for Tropical Storm Philippe Recovery

In a crucial step towards rebuilding and recovery efforts in the aftermath of the devastating Tropical Storm Philippe, the Government of the Virgin Islands has secured a substantial financial boost.

A payout of US$552,297 has been received from the Caribbean Catastrophe Risk Insurance Facility (CCRIF), marking the first such disbursement since the Territory’s affiliation with CCRIF in 2018.

The destructive passage of Tropical Storm Philippe on October 4 left a trail of destruction in its wake, causing extensive damage to homes, businesses, infrastructure, and agriculture within the Territory. The payout was initiated under CCRIF’s excess rainfall policy, providing much-needed assistance to the Virgin Islands during these challenging times.

Premier and Minister of Finance, Honourable Dr. Natalio Wheatley, expressed his gratitude on behalf of the Government and the people of the Virgin Islands for the prompt and essential financial support from CCRIF. This financial infusion aligns with the established agreement and will play a crucial role in expediting the recovery and reconstruction efforts that the Territory so urgently requires.

Premier Wheatley stated, “This payout will enable us to address some of the most urgent needs of our people and restore some normalcy to our islands.” Indeed, the importance of this financial aid cannot be understated, as it will facilitate the initiation of critical recovery projects and help the community regain stability.

Recognizing the substantial financial commitments necessary for the recovery process, Premier Wheatley announced the issuance of a Contingency Warrant in the amount of $500,000 to the Public Works Department. This additional financial support, distinct from the insurance payout, will be instrumental in furthering the recovery and rebuilding of the Territory, mitigating the financial gap created by the damages caused by Tropical Storm Philippe.

In his statements, Premier Wheatley commended his government’s foresight in securing an insurance policy of this nature. The strategic decision to join CCRIF and secure the excess rainfall policy has proven vital in bridging the financial gap during these challenging times. It is a testament to the government’s commitment to the well-being of the Virgin Islands and its unwavering dedication to fostering resilience and recovery in the face of adversity.

Premier Natalio Wheatley