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.
Onchan election result stands but Edge loses votes
Most candidates see total number of votes change
'Not realistic' to say road fuel increases create a specific windfall in VAT
Treasury minister has been responding to HoK question
One person treated for smoke inhalation following Anagh Coar flat fire
Investigation into cause of blaze underway
Community information sessions planned for offshore wind farm proposal
Ørsted to host events as examining panel compiles report