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.
Marown Commissioners to hold requisition meeting ahead of by-election
Local authority says residents will have chance to ask questions
Onchan commissioner will stand again in 2031
Gabriella Corkish received over 700 votes in General Election
Yellow warning for coastal overtopping to come into force later
It's expected from 11am
Garff candidates put in 'terrible' position by windfarm advice says new MHK
Hewison criticises advice given by AG's chambers