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.
Treasury: 'Challenging to justify support for heating oil customers'
MHK says Island is 'dangerously close to a Dickens' novel'
Increase of more than 500 patients for mental health services over last 12 months
Waiting list has also climbed from 1,160 to 1,433
Manx Care looking at returning Private Patients Ward to Noble's next year
It's been closed since 2019
Manxman return inches closer
Replacement bearing delivered from Germany