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August 29th marks the 2-year anniversary of Hurricane Katrina battering the Gulf Coast of the United States. Katrina and Rita, which hit the Gulf Coast less than one month apart, were two of the most intense hurricanes ever recorded in the nation's history. The storms affected 90,000 square miles - an area the size of Great Britain. Over 80 percent of the city of New Orleans flooded - an area seven times the size of Manhattan. More than 1.5 million people were directly affected and more than 800,000 citizens were forced to live outside of their homes - the largest displacement of people since the great Dust Bowl migrations of the 1930s.
President Bush continues to stand with local citizens and leaders struggling to rebuild their homes, lives and communities in the wake of these disasters. While much work remains, significant progress has been made, and the Federal government will continue to be a good partner to the local leaders who must drive this rebuilding.
The Federal Government Has Provided More Than $114 Billion In Resources - $127 Billion Including Tax Relief - To The Gulf Region. This funding is helping fulfill vital needs, including relocation, rental assistance, infrastructure repair, flood insurance payments, education, health care, and debris removal.
Over $96 Billion Of The $114 Billion (84 Percent) Either Has Been Disbursed Or Is Available For States To Draw From. We are working with State and local leaders to help them rebuild the region, and the remainder of the funding will become available as the recovery process continues. The Federal government plans to obligate every dollar - the funds are there and ready to be used.
More Federal Dollars are Making an Impact. Over the past year, $24 billion in federal funds have been spent to rebuild the Gulf States and to further assist hurricane victims. Federal dollars have been used to build houses and schools, repair damaged infrastructure, provide victims with a place to live, and provide other essential assistance as the region continues to get back on its feet. Below is a partial list of Federal contributions that not only help the region recover, but also help local leaders lay a solid groundwork for a better and stronger future for residents of the Gulf Coast.
· The President and Congress have provided $12.7 billion in tax incentives and relief for hurricane victims and small business through the Katrina Emergency Tax Relief Act (KETRA) and the Gulf Opportunity Zone (GO Zone) Act.
This page was last reviewed/modified on August 28, 2007.