FEMA is expected to run out of money by Friday

The Federal Emergency Management Agency (FEMA) is burning through its funds, and according to a Senate aide in a Bloomberg report, is expected to run out of money by Friday.

Of the $1.01 billion in FEMA's Disaster Relief Fund, only $541 million was "immediately available" for assisting those affected by Hurricane Harvey, an anonymous FEMA spokeswoman told Bloomberg.

The $1.01 billion in the relief fund, which is responsible for disaster response and recovery activity, is down from the $2.14 billion it had on Thursday, according to Bloomberg. This equates to spending roughly $9.3 million an hour, or $155,000 every minute.

"If it's down to $1 billion or less, then I would say there's a great concern," Elizabeth Zimmerman, former FEMA associate administrator for the office of response and recovery, told Bloomberg. "Congress needs to take action very quickly."

14 PHOTOS
Celebrities' big donations to Hurricane Harvey relief
See Gallery
Celebrities' big donations to Hurricane Harvey relief
Sandra Bullock made a $1 million personal donation to the Red Cross: “There are no politics in eight feet of water,” she said. “There are human beings in eight feet of water.”
Drake gave $200,000 in response to Kevin Hart's public call for celebrity donations.
Of his $1 million donation, Tyler Perry delegated $250,000 to Joel Osteen's Lakewood Church.
Leonardo DiCaprio donated $1 million to the United Way Harvey Recovery Fund. In the past, he has made hefty donations to victims of the 2004 Indian Ocean tsunami, the 2010 Haiti earthquake, and Hurricane Sandy in 2012.
Ellen DeGeneres teamed up with Walmart to announce a $1 million contribution to a relief fund established by JJ Watt, boosting him closer to his goal of $10 million in donations.
Miley Cyrus began crying on "The Ellen Show" after Ellen DeGeneres announced Miley would donate $500,000: "My grandma's sitting here, and my mom's sitting here, and I go home to my seven dogs, and if I didn't have that anymore, it'd just be really hard," she said through tears.
The Kardashian/Jenner women -- Kim, Kourtney, Khloe, Kris, Kylie and Kendall -- announced a joint $500,000 personal donation to hurricane victims.
The first major celebrity to make a public donation, Kevin Hart successfully rallied other celebrities to join his fundraising efforts. He pledged $50,000.
Dwayne "The Rock" Johnson was one of the first celebrities to donate to relief causes, offering up $50,000 in response to Kevin Hart's campaign.
DJ Khaled dropped $25,000 and offered his prayers to the people of Houston.
Nicki Minaj re-posted Kevin Hart's public video plea on Instagram and announced she'd donate $25,000 to the cause. 
Alex Rodriguez and Jennifer Lopez each donated $25,000 and urged their followers to consider contributing to the Red Cross as well.
Green Day gifted a $100,000 donation to Hurricane Harvey relief.
HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

The report comes in the wake of Harvey's destruction and amid Hurricane Irma's expected arrival on Florida's coast. FEMA will cut down and spend only on "immediate needs" that are "lifesaving, life-sustaining response efforts" towards the two hurricanes.

"We're not even at peak hurricane season," Zimmerman said.

President Donald Trump asked Congress for a down payment of nearly $8 billion last week for Harvey relief and recovery efforts.

Read the Bloomberg report here »

NOW WATCH: Putin's controversial bridge to connect Russia to annexed Crimea will be the longest in Russian history

See Also:

SEE ALSO: Here are all the areas in Hurricane Irma's path and when the storm could arrive

Read Full Story

Markets

NASDAQ 6,394.85 24.25 0.38%
S&P 500 2,499.93 3.27 0.13%
DJIA 22,307.66 11.57 0.05%
NIKKEI 225 20,330.19 -67.39 -0.33%
HANG SENG 27,513.01 12.67 0.05%
DAX 12,605.20 10.39 0.08%
USD (per EUR) 1.18 -0.01 -0.47%
USD (per CHF) 0.97 0.00 0.27%
JPY (per USD) 112.19 0.43 0.38%
GBP (per USD) 1.35 0.00 -0.14%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.