Here’s What Puerto Rico Faces Once It Gets Past Maria

“This is, without a doubt, the biggest catastrophe in modern history for Puerto Rico,” Governor Ricardo Rosselló said after Hurricane Maria pummeled the U.S. territory with floodwaters and 155 mph winds. He declared that his priorities were “not a fiscal consideration. It’s restoring people’s security and restoring normalcy.”

Normalcy, however, is something Puerto Rico hasn’t experienced in a while. That’s because the government is essentially bankrupt. Years of runaway borrowing to plug budget shortfalls, a decade-long recession, and the exodus of residents seeking work in the mainland U.S. pushed the commonwealth in May to seek creditor relief from nearly $74 billion of debt, the nation’s biggest municipal bankruptcy. The island’s budget and spending now have to be approved by an oversight board appointed by the federal government. That board says that Puerto Rico can use only $1 billion from its budget to deal with hurricane damage. The tab for Maria’s destruction could reach $30 billion.