Economy

Bryan Warns of ‘Tsunami of Inflation,’ Says WAPA Rate Pressure and Benefit Cuts Will Test Households

Governor Albert Bryan Jr. is warning Virgin Islanders that the enormous construction cycle now taking shape across the territory could bring jobs, business opportunities and investment while simultaneously making life more expensive, with his administration also confronting pressure at the V.I. Water and Power Authority after federal money previously used to help suppress electricity costs has run out. During Monday’s Government House briefing, Mr. Bryan returned to his recent meeting with federal emergency management officials in Washington, where the territory presented the scale and pace of its hurricane recovery program. The governor said he pointed out that inflation in the Virgin Islands was currently running between eight and nine percent and that FEMA officials were “kind of amazed at how much inflation is being created by the recovery.” As of August 31, the Office of Disaster Recovery reported $24.55 billion in obligated recovery funding and $4.89 billion expended. Governmen...