Storm ravaged house, coastal Oregon. Photo: Jeffrey St. Clair.

Rebuilding from California’s recent wildfires will cost more than a quarter of a trillion dollars — an unprecedented amount. The estimated damage from Hurricane Helene in the Southeast is almost as much, on the order of $250 billion.

Who will pay for that damage? It’s a question plaguing localities around the country as climate change makes these disasters increasingly common.

Some states are landing on a straightforward answer: fossil fuel companies.

The idea is inspired by the “superfunds” used to clean up industrial accidents and toxic waste. The Superfund program goes back to 1980, when Congress passed the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA). The law fined polluters to finance the clean up of toxic spills.

Thanks to the hard work of groups such as the Vermont Public Interest Research Group and Vermont Natural Resources Council, Vermont recently became the first state to establish a........

© CounterPunch