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Wednesday, October 4, 2017

Puerto Rico will never be the same.



FULL RECOVERY OF ISLAND MAY TAKE DECADES

LIMITS OF FEDERAL GOVERNMENT AID

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The disaster that has befallen Puerto Rico is far beyond any recovery undertaken in the past. The island was in poor financial condition before being hit by 2 major hurricanes within a few weeks. While the Federal government can bring aid by way of food, water and emergency supplies. The work of rebuilding the island will need to be performed by the residents of the island. The devastation is so complete that many of the residents have departed the island for the comfort of the mainland United States. While no one can blame them for accepting offers from family or friends to help them escape the disaster. The reality is that many may never return to the island.

We can expect to see pictures months from now of destroyed homes, and infrastructure that is still not restored. While outside help can clear the roads and get basic power restored, the real rebuilding will take owners of property to rebuild. We can assume many had insurance, but will they have the will to reinvest the money received  into a weak and vulnerable environment. It is likely that many may have had enough and will resettle on the mainland. 

We can expect that the character of the island will change dramatically. The glut of unrestored properties and destroyed infrastructure will also provide an opportunity for re-estate investment and resort building. It is likely the island will see a decrease in the permanent population, yet see an increase in Tourist and vacation properties in the future. I am sure that while Trump was visiting the island he could not help seeing the possible opportunities for the future. While it would be inappropriate for his companies to be directly involved, smart politicians would do their island well to ask for his advice as to alternatives to bring financial health back to the island. 


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