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.
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Services taking place around the Island
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John Golby was addicted to alcohol, cocaine and gambling, Douglas Courthouse heard
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October 'unsettled' but saw less rain than normal
Ronaldsway Met Office, has published its latest report