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.
Douglas Tesco store evacuated due to 'maintenance issue'
Emergency services confirm they are not responding to an incident
Douglas Council to hold a Victory over Japan memorial service
It will honour the 'immense bravery' of the people who served in the conflict
Work to drain Clypse Reservoir well underway
Underwater valve found to be defective during recent routine inspection
Laxey Flour could be removed from Tesco shelves
It's thought to be due to low sales