It's estimated the recent flooding and storms will cost the Manx government in the region of £300,000.
That initial assessment does not include potential cost to local authorities, the business community and private householders.
Chief Minister Allan Bell says talks will continue between central and local government officials.
Hopes DOI and striking bus drivers could meet
Unite the Union members are about to enter a third round of industrial action
Blocked gullies found to be cause of Castle Street flood
Problems 'not linked to the sewerage system'
'Only a very small number' needing support cashing benefits cheques
Minister confident those yet to cash cheques can access payments
Samantha Barks throws support behind wind turbine petition
'Many of us believe this would permanently change the character of our Island'
Fire and Rescue Service respond to HGV incident
Driver was trapped due to injuries sustained in the collision