"Congress is currently considering reauthorization of the National Flood Insurance Program (NFIP) as the 2018 hurricane season begins, while still dealing with the financial impact of the 2017 hurricane season. Total losses (insured and uninsured) for the 2017 hurricane season are estimated at a record $270.9 billion, with losses for Hurricane Harvey estimated at $126.3 billion, Hurricane Maria at $90.9 billion, and Hurricane Irma at $50.5 billion. FEMA projects total NFIP claims for the three hurricanes at more than $9.7 billion. The NFIP is designed to borrow money from the Treasury to cover claims for extreme events; however, the 2017 losses would have pushed the program over its authorized borrowing limit. Rather than increase the borrowing limit, Congress canceled $16 billion of NFIP debt to allow the program to pay claims."
CRS Report for Congress, R45242