Would this work for 'tornado alley?'

The South Florida Sun-Sentinal, Feb. 14, 2007
"Florida proposes multistate disaster fund"
Frustrated by inaction in Washington, Florida officials this week are asking other states to join them in setting up an insurance catastrophe fund.
If established, a multistate fund would bail out regions hit by cataclysmic disasters such as hurricanes, earthquakes, flooding and even terrorism.
But unlike a national fund -- which Congress has balked at creating -- it wouldn't rely on the financial backing of the federal government. Only interested states would participate.