The tornado that ripped through Dallas last month and left a trail of heavy damage across the area, including collapsed buildings and downed power lines, will cost the city $60 million in recovery efforts.
According to The Dallas Morning News, city Chief Financial Officer Elizabeth Reich said that about $45 million of that amount is uninsured, which is above the $38.5 million threshold for Dallas County to qualify for aid from the Federal Emergency Management Agency (FEMA).
City officials said they expected public agencies to qualify for FEMA aid, while uninsured homeowners likely would not. That's because the state must show that 800 uninsured homes were destroyed or sustained major damage for individual property owners to qualify for assistance. If Dallas County qualifies for public assistance, 75 percent of public agencies' costs will be covered by the government.
The release of any aid would require a disaster declaration by President Donald Trump.
Reich said the city's emergency reserve fund currently holds about $35 million and she expects about $11.4 million from that fund to go toward repairs. She told the Morning News she wants to replace that money in the city's budget next fiscal year.
"We are most certainly close to the next recession. It’s coming," she said. "I don’t know when, but I want the city to be prepared for it and potential flattening of revenue."
The twister touched down near Love Field Airport in North Dallas before moving northeast through the city, knocking out power for thousands. The tornado's path took it through the Walnut Lane area of Dallas before it moved through sections of Garland, Richardson, Rockwall and Sachse.