Superstorm Sandy group eyes ballots, insurance surcharges and oil fees to fund resiliency projects

Associated Press

LONG BRANCH, N.J. (AP) — A 2% surcharge on property insurance policies and mandatory fees on the oil and gas industries are two ways that a public-private group formed in the aftermath of Superstorm Sandy recommends to fund projects to protect against the next big storm. Rebuild By Design says New Jersey is being pummeled by climate-related disasters, costing taxpayers $7.2 billion over a decade. It also urges the state to hold a public referendum for voters to approve investments in climate-related resiliency projects. Environmental groups welcomed the proposals. But a large business association cautions that funding resilience needs to be affordable and feasible.