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The Louisiana Recovery Authority announced today the federal government will cover at least $3.6 million of the Port of New Orleans' expected $32.9 million shortfall in Hurricane Katrina damage expenses.
With $164.2 million in total damages, the port estimates insurance payments will cover $131.4 million. The Federal Emergency Management Agency will cover 90 percent of the $32.9 million shortfall with LRA Community Development Block Grants covering the balance, said LRA spokeswoman Natalie Wyeth.
Although $3.6 million has been set aside, Wyeth...