EDMONTON – Alberta’s finance minister says the government has already spent $148 million helping people recover from June’s widespread flooding.
Doug Horner says the final bill facing insurers, the province and the federal government is likely to be around $5 billion.
Horner announced the figures during the province’s first-quarter budget update.
Flooding that hit Calgary and other southern Alberta communities two months ago forced 100,000 people to flee and damaged more than 14,500 homes.
Horner says despite flood costs, rising energy prices are helping Alberta’s bottom line.
Opposition critics and the Canadian Taxpayers Federation suggest that there will be a $5-billion deficit this fiscal year — before flood payments — because the province is borrowing billions for infrastructure.