Stupid...
Without regulation Private companies will rarely spend money to prepare for a disaster because the government will just bail them out. Its been a story repeated over and over in the markets since Republicans around the time of Regan started deregulating everything. Boom based on predatory practices then bust, housing market crash, Boeing another good example, this month in Texas more of the same.
The companies that prepare can't compete with the low budget greed that pervades a regulation free market. Critical infrastructure both physical and financial needs to be regulated.