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.
Noble's Hospital is safe, insists Manx Care's medical director
Follows concerns raised about its capacity
Death of Peel man deemed accidental by inquest
Kian Broadhead died following a road traffic collision at the Devil's Elbow
White Hoe road to partially reopen from Thursday
Manx Utilities work has been progressing ahead of schedule
Tynwald urged to intervene over Post Office service changes amid concerns for digitally excluded
Speaker warns of “two-tier society” as Post Office chairman rejects criticism, citing external pressures and statutory limits