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.
UK legislation 'infinitely less draconian' than Island's safe access zones proposals
Campaigner to speak at public meeting this evening
'Biggest spring tide of the year' brings sailings forward
Manannan Liverpool crossings impacted
Consultation on 'Daniel's Law' launches
Cabinet Office minister says it's 'vital we get it right'
No routine GP appointments on select days in April
Eleven GP practices will shut across three days for staff training