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.
Investigation underway into fire station blaze
At the height of the incident nine fire appliances on scene
Thompson 'confident' in MGP/Classic TT adaptability
Clerk of the Course says there's 'wriggle room' in the event of disruption
Island on 'right track' to retaining biosphere status
However, chair of UNESCO Biosphere Isle of Man stresses no decision is made yet
Nominations open for Douglas Council's Community Award scheme
Mayor says it 'brings out the best' of the people of the city