The National Flood Insurance Program is nearly $25 billion in debt, and that's before any claims from Hurricane Harvey, The Advocate reported.
The program offered by FEMA is $24.6 billion in the hole, leaving just $5.8 billion of cushion before being forced to shut down or get restructured.
The program is set to expire Sept. 30, but lawmakers are expected to reauthorize the program.
Provided they do, refunding the program will be a necessity.
"Somebody's not running this so-called insurance program correctly," LSU finance professor Jim Boyd told the Advocate. "That's maybe a government bail-out, not insurance."
Just 20 percent of Hurricane Harvey victims were covered by flood insurance; individuals living in lower-risk areas who paid off their mortgage are not required to carry flood insurance, the Advocate reported.