ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

Payments to displaced East Palestine residents to stop after one-year anniversary

Norfolk Southern has announced it will will soon stop paying relocation aid to people who were forced to move out in East Palestine, Ohio, in February following a fiery derailment.

The company whose freight train derailed in East Palestine, Ohio, in February causing a massive chemical spill will soon stop paying relocation aid to people who were forced to move out of the town.

Norfolk Southern, an Atlanta-based railroad, has announced that payments for residents who have not yet returned will come to an end on Feb. 9, just days after the one-year anniversary of the derailment, according to the Associated Press.

It comes after the completion of soil removal from the derailment site in October. 

WHATEVER HAPPENED TO… THE OHIO TRAIN DERAILMENT?

Norfolk has committed to paying nearly $21 million to residents whose lives were upended by the derailment. Fewer than 100 households are still receiving the aid, and most residents have already returned to East Palestine, a spokesperson told the Associated Press. 

A Norfolk Southern freight train careened off the tracks on February 3 after a wheel bearing overheated, according to the National Transportation Safety Board. In total, 38 train cars derailed, 11 of which contained hazardous materials.

Three days later, authorities ordered a controlled release of the toxic chemicals to prevent the train cars from exploding. Residents living within a one-mile radius near the Ohio-Pennsylvania state line were told to evacuate as responders purposely burned toxic chemicals.

NTSB CALLS OHIO TRAIN DERAILMENT ‘100% PREVENTABLE,’ SAYD OPERATORS WERE WARNED OF OVERHEATED AXLE

People living in East Palestine say they have been suffering vision impairment, shortness of breath, sore throats and other symptoms after testing positive for cancer-causing toxins following the toxic train derailment. Residents say they are concerned about the long-term health effects of the derailment.

"This program was always a temporary one for those residents who chose to relocate during the site remediation process," said spokesperson Tom Crosson, according to the Associated Press. 

The funds being allocated to displaced residents are part of $103 million in aid the company has committed to the area.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Norfolk Southern has estimated that its response to the derailment has already cost nearly $1 billion, and it has reiterated its commitment to helping the people of the area.

One of the major concerns for residents has been whether drinking water in East Palestine is safe. Toxic chemicals reportedly spilled into creeks in the area.

The Ohio Environmental Protection Agency says on its website that there is no detection of contaminants associated with the derailment, although those with private wells should have their water tested before consuming it.

Clare O'Connor contributed to this report. 

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.