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.
Plans submitted to change office into children's care facility
Would see development in Douglas city centre if approved
Inspection report praises standards of care at Island's bail hostel
Tromode House also offers accommodation to those leaving prison
DfE minister confirms chair of Hospitality Board has resigned
Formed in September to tackle issues faced by the industry
MET Office warns of coastal overtopping
A yellow alert is in place from 11.30am
