This is the Congressional Budget Office (CBO) Cost Estimate as ordered reported by the Senate Committee on Commerce, Science, and Transportation on November 13, 2019. From the Document: "S. 2693 would require the Federal Communications Commission (FCC), in consultation with the Federal Emergency Management Agency (FEMA), to adopt regulations to:  Ensure subscribers to commercial mobile services receive emergency alerts from FEMA,  Require State Emergency Communication Committees (SECCs) to review and update their Emergency Alert System (EAS) plans each year and submit those plans to the FCC for approval,  Establish a system to collect false alert reports under the EAS or Wireless Emergency Alert System, and  Modify the EAS to allow repeating messages from the President or FEMA while an emergency persists. [...] CBO assumes that S. 2693 will be enacted in fiscal year 2020. Using information from the affected agencies, CBO estimates that it would cost the FCC $2 million over the 2020-2025 period to implement the bill."
Congressional Budget Office: http://www.cbo.gov/