"We've been underpricing risk in this nation so long, we've built this dynamic now where people have built and live in areas that are increasingly vulnerable to these disasters," Craig Fugate, a former FEMA administrator, said. Credit: bilanol/Adobe Stock

(Bloomberg) — When disaster hits in the U.S., the federal government gives aid to states and counties as well as individuals. In 2022, the Federal Emergency Management Agency delivered $3.25 billion to nearly 1.4 million households recovering from damaging floods and fires. The aid money helps cover things as large as home repairs and as small as diapers, drinking water, food and other necessities.

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