Since 2007, roughly $200 million has been transferred out of the V.I. Insurance Guaranty Fund — including $45 million in fiscal year 2011, Reuters reported.
The program was meant to keep accruing funds to pay off any outstanding claims that insurance companies weren't able or willing to pay off for island residents and property owners following natural disasters.
When asked about the funneling away of the storm fund, the outlet reported government officials admitting that money was borrowed from "time to time," however, "this has not been an issue."
Though US President Donald Trump declared the island nation to be in a state of emergency — authorizing FEMA to coordinate and potentially pay for its post-storm recovery — Reuters went on to note that the US Virgin Islands government had just three days worth of funding to pay for its relief operations.
With Hurricane Irma causing "severe damage" to both the US and UK Virgin Islands, according to UK Foreign Office Minister Alan Duncan, the damage estimates are just beginning to pile up as the island chain's government will be adding even more debt onto the $6.5 billion it already owes to pensioners and creditors.
With the death toll reaching at least 13 across the Caribbean islands, four people have been killed by Hurricane Irma.
