The Hoover Dam is expected to cost more than $8.8 billion to repair, with most of that coming from federal, state and local taxpayers.
But according to a study by the Hoover Restoration Corporation, the $8 million spent by the federal government is worth more than the money that was spent on the dam.
The study is being released this week and is based on a survey of 6,600 people from around the country who were asked to estimate the amount that would be spent on repairing the dam once it’s completed.
The federal government estimates that about $5.7 billion would be needed to restore the Hoover dam.
It’s also estimated that about half of that amount would come from private contractors, according to the report.
But the study said that $1.4 billion would come directly from the state of Arizona.
The Hoover Restoration Corp. estimated that the total cost of the project would be about $8,000 per person, which would be $5,000 less than what the Hoover restoration corporation estimates the federal contribution would cost.
The project was funded with $872 million from the Federal Emergency Management Agency and $632 million from other federal agencies.
The cost of repairs, rehabilitation and maintenance of the Hoover reservoir and surrounding structures would total $3.9 billion, the study estimated.
That money would be used to repair the dam and its surrounding structures, to replace the damaged concrete foundations, to maintain the dam itself, to repair floodplain infrastructure and to support other critical functions, including emergency communications, public health, recreation and tourism, the report said.
The Federal Emergency Management Agency estimates that the cost of restoring the Hoover Reservoir will cost about $1,400 per person.
The remaining costs are covered by the State of Arizona’s flood insurance, the State’s water and wastewater program, the federal Flood Protection and Restoration program, and other federal funds, according the study.
The report says that although the Hoover Conservation and Management District is responsible for the restoration, that’s only because it is the sole beneficiary of the dam’s restoration and is responsible only for its rehabilitation and repairs.
The restoration district is expected be reimbursed $1 million for its part of the restoration.
The agency estimates that if the Hoover water supply were to become unusable because of climate change, as is forecasted, the restoration district would have to spend about $4.4 million to replace that water supply, according.
The water shortage is expected in the next five years.