RICHMOND, Va. (WRIC) — William Fox Elementary is expected to receive much more in their insurance payout than was initially expected, according to school board member Jonathan Young.

The news comes after a Richmond Public Schools (RPS) meeting last week, in which it was reported that the school and its contents were insured for up to $17 million. That number is now expected to be well below the actual coverage.

“Our insurance will provide what will amount to millions more than first reported,” Young said. “Replacement costs will be provided potentially meaning much, much more.”

While the full extent of the insurance company’s coverage is unknown, Young seemed hopeful that the school could be rebuilt.

A new elementary school can cost up to $35 million to build, according to Young, who hoped that costs could be reduced “by retaining some of the existing structure.”

“Bottom line is that we won’t know the replacement costs until we know if we can retain any of the existing building,” Young explained, “but either way the costs will likely be way north of $20 million.”

A tweet from Del. Betsy Carr also confirmed that $2 million of the House budget would be set aside “to assist in the response and recovery activities related to the fire at Fox Elementary.”