Mexico to Shell Out $3.4 Billion Plan to Rebuild Acapulco after Hurricane Otis

(NBC News) - Mexico’s government unveiled a $3.4 billion recovery plan for the battered coastal resort of Acapulco, including tax breaks and financial assistance for affected families, and said it could spend more if necessary.

Last week, Hurricane Otis slammed into Acapulco, devastating local infrastructure, severing communications and temporarily leaving the city of 900,000 people incommunicado.

The overall investment needed for the recovery plan was estimated at about 61.3 billion pesos ($3.42 billion), Finance Minister Rogelio Ramirez de la O told a press conference.

President Andrés Manuel López Obrador said the government would stump up more money for Acapulco if need be.

“Fortunately, we have healthy public finances and unlimited resources when it comes to benefiting the people,” he said.

The plan will bring forward social welfare payments and include household necessities for families in need.