Saint Lucia announces significant losses in the agricultural sector as a result of ILSA

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Castries, St. Lucia (CMC) – St. Lucia Premier Allen Chastanet said the island suffered an estimated $34 million in losses in the Eastern Caribbean (US$1 = 0.37 US cent) during the passage of Hurricane Elsa last Friday.

The agricultural sector has been hit hard by the first named hurricane of the 2021 Atlantic hurricane season, with a preliminary estimate of damage to crops, including bananas and bananas, at more than $34 in the Eastern Caribbean, Chastant said, on a radio and television broadcast Sunday night. Million.

“The most damage was in agriculture,” said Chastanet, flanked by Infrastructure Minister Stephenson King and Agriculture Secretary Ezechiel Joseph.

Chastant told the nation that Hurricane Elsa also destroyed several homes, including the state-owned project in the heart of the capital, Castries.

But he said the assessment was still ongoing and that a more accurate picture would emerge later on Monday.

He said he had already received information from the Cayman Islands-based Caribbean Catastrophe Risk Insurance Facility (CCRIF), and that the island would not receive large payments.

CCRIF is a separate portfolio company, owned, operated and registered in the Caribbean. It limits the financial impact of catastrophic hurricanes, earthquakes, and excessive precipitation events on the governments of the Caribbean and Central America by quickly providing short-term liquidity when a standard insurance policy is activated.

It is the world’s first regional fund to use modular insurance, giving member governments a unique opportunity to purchase earthquake, hurricane and rain-excess catastrophe coverage at the lowest possible prices.

“It’s probably the deduction we have of about $130,000,” Chastant said, adding, “This means that the Treasury is really looking at ways to reallocate existing funds to be able to help get the Department of Agriculture back on the right track and definitely work.” With the Ministry of Infrastructure in dealing with some urgent needs.”

“The Ministry of Education will actually be one of the biggest companies, and through the Ministry of Justice, some single families, especially for the most vulnerable groups in our society,” he said.

Meanwhile, a government statement indicated that at a cabinet meeting at the weekend, the National Emergency Management Organization (NEMO) presented an initial damage assessment (IDA) of the situation.

Our thoughts and prayers remain with all those affected by the hurricane. Fortunately we were spared the full burden of the system and our meeting is to get a full picture from all the government actors of the damage around the island.

“I had a first-hand look at some of the worst affected areas, and all ministers and parliamentary representatives were present in the community to assess the situation,” the statement quoted Chastanet as saying.

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