(Commonwealth_ In response to the devastating impact of Hurricane Beryl, the government of Grenada has announced a series of fiscal incentives and relief measures aimed at supporting the rebuilding and repair of homes, structures, and businesses. During a media conference today, Finance Minister Cornwall outlined the government’s comprehensive plan to aid recovery efforts, set to commence on August 1, 2024. Detailed information regarding these measures will be provided by the last week of July 2024.
Hurricane Beryl, which struck Grenada recently, caused extensive damage, particularly to the islands of Carriacou and Petite Martinique, where 90 percent of buildings were destroyed. Northern Grenada also experienced significant damage to homes. In light of this, the government has committed to implementing fiscal incentives to facilitate the rebuilding process and support economic recovery.
Key Fiscal Incentives
Minister Cornwall emphasized that the fiscal incentives are designed to encourage swift and effective rebuilding efforts. These incentives will be available to homeowners, businesses, and other stakeholders affected by the hurricane. The specific nature of these incentives will be disclosed by the end of July, but they are expected to include tax breaks, grants, and other financial support to reduce the burden of reconstruction and repair.
Additionally, the government announced a waiver of all taxes and duties on relief supplies imported for personal use. This waiver will be in effect until December 31, 2024, allowing affected families to import essential goods without incurring additional costs. The relief supplies covered by this waiver include foodstuff, clothing, and household items. However, there is a limit of two barrels, boxes, or crates per family to ensure equitable distribution of resources.
Financial Support and Donations
Since the last update on recovery efforts, significant progress has been made in mobilizing financial support. The Grenada Disaster Relief Fund currently stands at EC $3.91 million as of July 17, following a generous $1 million grant from the Eastern Caribbean Central Bank (ECCB). Moreover, Grenada has received a $44 million payout from the Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC), which was triggered by the extensive damage caused by Hurricane Beryl.
Despite these substantial contributions, Minister Cornwall highlighted that the funds raised so far represent only a fraction of the total amount needed for comprehensive rebuilding and recovery. The government is actively working with international partners, donors, and friendly nations to secure additional funding. Efforts are ongoing to mobilize as many resources as possible to ensure that Grenada can rebuild stronger and more resilient than before.
Collaborative Recovery Efforts
In his address, Minister Cornwall expressed gratitude to the international community and local stakeholders for their unwavering support and generosity. He acknowledged that the road to recovery is long and challenging but reaffirmed the government’s commitment to restoring normalcy and improving living conditions for all affected residents.
The minister also called on Grenadians to remain united and resilient in the face of adversity. He emphasized the importance of community solidarity and cooperation in overcoming the challenges posed by the hurricane. The government’s recovery plan includes not only financial support but also technical assistance and capacity-building initiatives to empower communities and enhance their ability to rebuild sustainably.
Looking Forward
As Grenada embarks on this critical phase of recovery, the government remains focused on creating a framework that promotes sustainable development and disaster resilience. The fiscal incentives and relief measures are part of a broader strategy to strengthen the nation’s infrastructure, improve disaster preparedness, and mitigate the impact of future natural disasters.
