New York is set to receive $2 billion more in pandemic relief funds from the Federal Emergency Management Agency under a deal announced Thursday by Sen. Chuck Schumer. 

Schumer, who is poised to become the new majority leader in the U.S. Senate, said the agreement was reached with the incoming Biden administration. 

The money will be directed to help with the local costs borne by the pandemic and closed budget gaps made worse by the pandemic. The current policy allows for 75% of COVID-related expenses covered by a federal disaster relief fund. 

The deal announced Thursday means all expenses will be fully reimbursed within the coming months. 

“President-elect Biden is laser-focused on America’s economic recovery, and this recovery begins with tackling the costs states and local governments have incurred in managing the pandemic,” Schumer said. 

“For New York, the costs have been huge and will take years to overcome entirely, but achieving my goal of 100% FEMA cost share to New York will mean a sigh of relief for all New Yorkers because these critical dollars will help protect essential services and workers while we deal with badly burdened budgets that have been gut-punched by COVID. I am glad we could get this done even before the President-elect is sworn in because it shows how we will be hitting the ground running come January 20th.”