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.
Fenella footbridge due to reopen to public this week
Electrical and hydraulic control systems are being reinstated
Retiring Magistrate will be 'greatly missed on the bench'
David Nash took up the voluntary position in 2009
MHK accuses government of bypassing Tynwald with major policy reveals
Lawrie Hooper says revealing major initiatives, including an AI development office, at the annual conference undermines parliamentary process
Driving ban for man who collided with Manx Electric Railway pylon
23-year-old was nearly five times the legal limit for cocaine