Mexico Plans To Spend $3 Billion To Rebuild Acapulco — But Damages Could Be $15 Billion



Mexican officials unveiled a $3.4 billion plan on Wednesday to rebuild Acapulco after the resort town was hit by Hurricane Otis, a Category 5 storm that left almost 100 people dead or missing, last week.

Key Facts

The plan will include tax breaks for Acapulco and a nearby town—which will both be exempt from taxes through early next year—money for humanitarian aid and financing the rebuilding of infrastructure, Reuters reported.

As part of the plan, families whose houses were flooded will have social welfare payments advanced two months, electricity charges waived until February 2024 and the government will work to provide household necessities and food, according to Reuters.

Mexican President Andres Manuel Lopez Obrador said the government would find more money for rebuilding if necessary—it’s estimated the storm caused between $10 and $15 billion in damages, according to CoreLogic, a consultancy and analysis firm.

Big Number

92. That’s how many people are missing or dead after Otis made landfall last week. Evelyn Salgado, the governor of Guerrero, said on Monday that 45 people have died and 47 are still missing, though search crews were able to locate 152 missing people in the last week.

Key Background

When it made landfall on southwest Mexico’s Pacific coast on October 25, Hurricane Otis had maximum wind speeds of about 165 mph and wind gusts around 205 mph. It’s expected that Otis damaged nearly all of Acapulco’s homes, according to the Associated Press, and caused lasting damage on hotels and businesses,too. The area was left without power as a result of the storm, though by Monday about 65% of people had power back. Obrador deployed more than 10,000 troops and 1,000 government workers to assist with the aftermath in Acapulco, according to the AP. The storm came as a surprise to many, and meteorologists said it intensified quickly because of the warm waters it passed over while growing. Rapid intensification was a recurring issue this hurricane season—which runs through November—and worsened storms like Lee and Idalia.

Further Reading

ReutersMexico announces $3.4 bln plan to rebuild Acapulco after hurricaneMORE FROM FORBESHurricane Otis Death Toll Rises To 45 While 47 Are Still Missing, Mexican Authorities SayAP NewsTwo hours of terror and now years of devastation for Acapulco’s poor in Hurricane Otis aftermath

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