It certainly won’t be for everyone, but surely it will be good for some.

On the three-month anniversary of the Aug. 8 wildfires disaster that destroyed Lahaina, Gov. Josh Green on Wednesday revealed important new details for a Maui Recovery Fund to be tapped by families of those killed or severely injured in the fires — and foreshadowed much more for the state’s future.

The recovery fund would offer an estimated $1 million-plus settlement for each eligible payee; in exchange, they would waive the right to sue any of the fund contributors — so far, the state, Maui County, Hawaiian Electric and Kamehameha Schools. Green expects more donors for the fund, currently at $150 million.

The largest upside for victims would be a relatively quick payout — starting the second quarter of next year, Green predicted — compared to the litigious route, which could take years to resolve. The downside for victims? Forgoing a possibly higher sum via a lawsuit. Already, dozens of lawsuits have been filed over the Aug. 8 fires, and they are against any number of the four core Maui Recovery Fund donors.

As outlined by Green, the fund is but one key component of a global “One ‘Ohana Initiative” — other fire-relief programs already underway include $120 million for housing assistance, $12.5 million in forgivable business loans and $100 million for affected families with children.

But what all Hawaii residents — not just those on Maui — must start paying attention to are the new components being discussed to fund overall recovery, plus future mitigations statewide. These will reach well beyond Maui, via legislative and regulatory policies that are sure to affect local pocketbooks.

That’s unavoidable, really, considering the breadth and depth of damage from the Lahaina wildfire: property damage estimated at $5.6 billion, with 2,200 buildings, including about 3,500 homes, destroyed; in addition to 99 dead and about a dozen others seriously injured.

The statewide ramifications, such as need for wildfire prevention and electrical-grid upgrades, are far-reaching — and expensive. That’s spurred Green, Hawaiian Electric and other leaders to start devising a wide-ranging legislative package for new programs.

To be broached when the 2024 Legislature convenes in January: Bills on wildfire mitigation, hardening the power utility system against such risk, enhancing warning systems, and ensuring that homeowners insurance is available and affordable.

Also gaining new urgency: a proposed climate impact fee charged to tourists and general tax revenue that can be leveraged through bond financing, in order to avoid significant increases to energy bills for Hawaii residents.

“To help finance the recovery effort, all options will be considered, including securitization plans that are in the interest of all of Hawaii,” Green said. “To protect consumers from significant increases in their energy and insurance bills as a result of the fire, a comprehensive legislative package will be submitted to protect consumers while allowing for fund generation going forward, to improve and harden the grid and address the impacts of climate change.”

Expect to hear a lot more about “securitization,” a financing tool increasingly being used by energy companies as they transition from fossil-fuel plants to green-energy technologies. With regulatory approval, it allows refinancing of assets so utilities can invest in improvements and better manage costs to the community.

As for the Maui Recovery Fund’s initial phase, it stands to offer an important, voluntary option for wildfire victims.

Green said that protocols still need to be finalized and an administrator has yet to be selected. Also vague were details on how the fund would work, such as eligibility and how awards would be determined. Such clarity shared with victims will need to come soon, in order to overcome the mistrust many Lahainans feel toward government and Hawaiian Electric — a skepticism that’s lingered after officials’ confused and deficient responses as the Aug. 8 wildfire raged out of control.

In addition to that high hurdle of trust, Hawaiian Electric is facing significant financial pressures and upheaval. It’s become exceedingly clear that the future fate of the utility — the predominant energy provider to Hawaii’s islands, minus Kauai — is intrinsically woven into the economic health of Hawaii. Seeing the depth of Hawaiian Electric’s financial exposure — from both lawsuit liabilities and demands to build back better — provides crucial context for the comprehensive One ‘Ohana Initiative.

There are tall tasks ahead — and big transformations call for big money, and that calls for big thinks.

Proactive strategies will need to emerge to meet the expensive undertakings of Lahaina’s recovery and rebuilding, and of future hardening of the electrical grid statewide. The holistic, global vision attempts to cover amends for mistakes made on Aug. 8, while priming the revenue pump for climate- related adaptations. What’s decided in the next half-year will set Hawaii’s economic and energy paths for years to come.