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.
Manx Care spends more than £660,000 on reviews over two-year period
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DESC begins recruitment process for new chief officer
More than 60 full-time equivalent roles identified in government communications and marketing posts