Trudeau announces creation of $300M hurricane Fiona relief fund

Prime Minister Justin Trudeau has announced the creation of a $300-million fund to help with Atlantic Canada’s recovery from post-tropical storm Fiona.

Speaking Tuesday, Trudeau says the fund will help repair critical infrastructure damaged when the storm hit the region on Sept. 24.

“This funding will support projects to repair and rebuild storm-damaged critical infrastructure, such as wharves, support the cleanup of fishing gear so that boats and marine life can once again safely navigate these waters,” he said.

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Money will also help local communities and businesses rebuild, Trudeau said, referring to a woman he met last week in Prince Edward Island.

“I’m thinking specifically about Barb, who I met last week in Stanley Bridge. She built her antique shop business over 25 years. Last week when Hurricane Fiona hit, the force of the storm dragged the shop across the parking lot, destroying everything she had built, in moments.”

The announcement comes as DBRS Morningstar estimates hurricane Fiona will cause between $300 million and $700 million in insured losses in Atlantic Canada — a record high in the region.

The credit rating agency says in a report that that amount is roughly in line with previous natural disasters in other provinces such as the flooding in B.C. last year that saw $515 million in insured losses.

As of Monday, there were still over 16,000 customers without power on the Island, more than 10 days after the hurricane hit the province.