Transamerica Foundation Gives $250,000 to Iowa Storm Recovery Efforts

The Aegon Transamerica Foundation is giving $250,000 to United Way of East Central Iowa, to help Iowa recover from a derecho that blew through the Midwest Aug. 10, the company announced today.

A derecho is a windstorm with wind that blows in a straight line, about as hard as the wind in a hurricane. The Aug. 10 derecho caused billions of dollars in damage in Iowa and other states.

Aegon is based in the Hague, in the Netherlands. The company’s Transamerica unit is now based in Baltimore and has major operations in Cedar Rapids, Iowa.

The derecho knocked out electricity for more than 1 million people in Iowa, including many in the Cedar Rapids area.

Transamerica said it recently gave $50000 to United Way of East Central Iowa to support COVID-19 pandemic response efforts.

“United Way has proven to have the necessary resources to direct timely assistance to where it is needed most, and the ability to help speed the recovery of the communities hardest hit by the storm,” the company said in a comment about the contribution.

The derecho affected the operations of many businesses associated with the insurance industry, including Wink Inc., a life insurance and annuity information firm. Sheryl Moore, the company’s president, reported Aug. 12 that the company was temporarily without power or telephone service due to storm damage.

Sizing the Storm

Official derecho damage estimates are still evolving.

Iowa Gov. Kim Reynolds has asked the federal government for $3.8 billion in aid for Iowa alone.

Dr. Joel Myers, the chief executive officer of AccuWeather, has estimated in a statement included in an AccuWeather news article that the derecho may have caused a total of $11 billion in damage, including damage to 10 million acres of crops in Iowa.