referred to as FEMA ) has obligated significant amounts of funding to address multiple natural disasters in the United States territories. (10) As of October 2023, FEMA had obligated an estimated $40,980,000,000 in Public Assistance, Hazard Mitigation, Power Reconstruction and Permanent Work to address damages caused by Hurricane María in Puerto Rico. In addition, as of September 2023, FEMA had obligated an estimated $328,000,000 in Public Assistance to address damages caused by Hurricane Fiona in Puerto Rico. (11) As of April 2023, FEMA had obligated an estimated $2,900,000,000 in Public Assistance and Hazard Mitigation to address damages caused by Hurricane María in the Virgin Islands. In addition, as of December 2022, FEMA had obligated an estimated $89,000,000 in Public Assistance and Hazard Mitigation to address damages caused by Hurricane Irma in the Virgin Islands. (12) After the passage of Typhoon Mangkhut and Super Typhoon Yutu in Guam and the Northen Mariana Islands, FEMA obligated a total of $677,200,000 between 2018 and 2020 to aid response and recovery efforts related to both disasters. (13) The United States territories have similar vulnerabilities that result in long and difficult recovery processes. (14) The economies of the United States territories depend heavily on tourism to create revenue. Such dependency undermines disaster resiliency, given the industry’s susceptibility to external shocks, such as atmospheric conditions, financial crises, and global pandemics. Any of this phenomenon can reduce the number of visitors and trigger the closure of businesses and lay-offs. (15) The United States territories struggle with high levels of public debt, which impact their ability to provide cash advances to initiate disaster recovery projects. Notably— (A) Puerto Rico is in the midst of debt restructuring proceedings that, as of 2023, have reduced Puerto Rico's public debt from over $70 billion to $37 billion and pension liabilities from $55 billion to $7 billion