Harvey claims flood NFIP: The troubled National Flood Insurance Program, which is saddled with around $25 billion in debt, is expected to pay out $11 billion to insured homeowners affected by Hurricane Harvey, The Associated Press reports. That would make Harvey the second most expensive storm in the history of the NFIP, next to Katrina, which cost NFIP $16 billion in 2005. The program will likely have enough cash to absorb the initial wave of payments to homeowners but will soon need billions more. Congress has not yet passed a long-term extension of the NFIP. Read more.
Flight club: Despite Hurricane Harvey cancelling a host of Houston flights, more passengers travelled through the Baton Rouge Metro Airport last month. Enplanements, a common measure of passenger traffic, rose by 12% in August, BTR officials say. Ralph Hennessy, interim director of aviation at BTR, attributed the rise to airlines bringing larger regional jets, which provide more seats. American edged out Delta for the largest share of BTR riders, at 41%. The increase in passengers is the 12th straight month of rising passenger counts.
‘Pharma Bro’ goes to jail: Recently indicted pharmaceutical executive Martin Shkreli, dubbed “Pharma Bro” and widely criticized for increasing the price of a life-saving drug, is going to jail. Reuters reports that a U.S. judge yesterday ordered Shkreli to be jailed for a post on Facebook that offered a $5,000 reward for a strand of Hillary Clinton’s hair. Shkreli is already awaiting sentencing for a separate conviction for securities fraud and had been free on a $5 million bail since a December 2015 arrest. Reuters has the full story.
