President Joe Biden has declared that a major disaster exists in Alabama and California, the two States affected by severe winter storms recently.
Biden ordered Federal aid to supplement State, tribal, and local recovery efforts in the areas affected by severe winter storms, flooding, landslides, and mudslides in California beginning on December 27.
The President's action makes Federal funding available to affected individuals in the counties of Merced, Sacramento, and Santa Cruz. Assistance can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs to help individuals and business owners recover from the effects of the disaster. Federal funding also is available to State, tribal, and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work in the counties of Merced, Sacramento, and Santa Cruz. Also, Federal funding is available on a cost-sharing basis for hazard mitigation measures statewide.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.