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Biden doubles FEMA pre-disaster funding to $1 billion to prepare states for extreme weather

The Biden administration plans to invest $1 billion helping states prepare for extreme weather ahead of the 2021 hurricane season, alongside an initiative to track natural disasters through a new NASA program.

Why it matters: The National Oceanic and Atmospheric Administration (NOAA) expects above-average storm activity during the next hurricane season, which would make this the sixth unusually active season in a row.


  • The administration's $1 billion pledge doubles the amount of money the government had previously spent helping communities brace for extreme weather through the Building Resilient Infrastructure and Communities program.
  • Floods, hurricanes, and wildfires are key areas of focus for preparing localities for disaster, the White House said. The administration plans to use NASA's Earth System Observatory to forecast and monitor natural disasters.

Our thought bubble, via Axios' Andrew Freedman: By increasing sea levels, climate change is making hurricanes more destructive and costly. There is also evidence showing that warming sea and air temperatures are causing nature's most powerful storms to become even stronger.

  • More storm resilience funding, in addition to launching the NASA program, demonstrates the Biden administration's continued focus on the impacts of extreme weather events on the economy.

What to watch: The first named storm of the season, Subtropical Storm Ana, formed and dissipated over the weekend in the North Atlantic.

Southwest heat wave intensifies, 40 million likely to see 100-degree temperatures

A punishing and long-enduring heat wave is intensifying in parts of the West and Southwest, with heat warnings and advisories in effect across seven states Wednesday. The heat will not relent until late in the weekend.

Threat level: In the coming days, 40 million are likely to see temperatures reach or exceed 100 degrees.

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Lordstown Motors: A tale of hubris, political pandering and regulatory failure

Lordstown Motors is the quintessential business fiasco. Equal parts hubris, political pandering and regulatory failure.

Why it matters: There's no indication that anyone will learn their lesson, except perhaps for some random retail investors who didn't diversify.

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GM boosts investment in electric, autonomous vehicles by $8 billion

General Motors plans to boost its cumulative investment in electric and autonomous vehicles to $35 billion from 2020-2025, a significant jump from a $27 billion target.

Driving the news: GM said this morning that the initiative will include building two new battery cell manufacturing plants in addition to the two already under construction in Tennessee and Ohio.

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Biden administration buys 200 million additional doses of Moderna’s COVID vaccine

The Biden administration has purchased an additional 200 million doses of Moderna’s coronavirus vaccine, the biotech company announced Wednesday.

Why it matters: Moderna says the additional doses could be used to vaccinate children or — if necessary — as a booster shot.

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Live updates: Biden and Putin land in Geneva ahead of summit

President Biden is set to meet with Russian President Vladimir Putin in Geneva for five hours of talks on Wednesday, a highly anticipated summit that comes as both sides say U.S.-Russia relations have sunk to a new post-Cold War low.

The latest: Putin arrived in Geneva shortly before 7 a.m. ET and traveled via motorcade to Villa La Grange, a mansion set in a 75-acre park overlooking Lake Geneva. Biden arrived at around 7:20 a.m. ET. The two leaders are expected to take a photo with Swiss President Guy Parmelin before the meeting begins.

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Biden-Putin summit: What to expect when you're not expecting much

After a bitter blast from Putin and tough talk from Biden, both sides agree: Don't count on much from Wednesday's summit between President Biden and Russian President Vladimir Putin.

What they're saying: "We’re not expecting a big set of deliverables out of this meeting," a senior Biden administration official told reporters on Air Force One from Brussels to Geneva. "No breaking of bread."

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Florida's early reopening could make it a business travel mecca

As post-pandemic business travel comes back, experts say Florida's reopening policies should allow it to lock in a significant share of returning corporate events and meetings.

Why it matters: There's a lot of money to be made — with a lot of people itching to travel — after the sector lost $97 billion in spending last year, according to a new Tourism Economics analysis by the U.S. Travel Association.

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There isn’t a worker shortage in the U.S. — there’s been a worker awakening

Many politicians, pundits and business owners have said pandemic-era enhanced unemployment benefits are keeping would-be workers at home. But that's a much too simplistic explanation of today's employment situation.

The big picture: Many hard-hit sectors are rebounding faster than anecdotal evidence would suggest. And when jobs are hard to fill, a broader worker awakening over the past year is part of the reason.

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