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.
MHK behind Assisted Dying Bill 'disappointed' by UK decision
Work is already underway to draft amendments to address the issues raised
Island needs dedicated department for tourism says MHK
Callister claims it would help build confidence in sector
Former Island resident Andy Kershaw dies
The Radio 1 DJ and Live Aid host was 66
UK Government 'unable to recommend Assisted Dying Bill for Royal Assent' at this time
Ministry of Justice provides update to Isle of Man Government
Member of staff at Peel Commissioners under external investigation
Chair Ray Harmer said he hopes residents 'respect the confidentiality' of the process