That's according to Dr Alex Allinson, who made a statement in Tynwald this week.
It comes following the government confirming a third round of support payments for struggling families this winter.
So far, around £11m has been paid out, with residents now being encouraged to make their homes more energy efficient.
However, speaking in Tynwald, Dr Allinson said we need to create a 'safe and sustainable' Island for future generations:
Plane makes emergency landing in field
The fire and rescue service says it was called to Grenaby earlier after a light aircraft came down.
Manx star reveals Marvel show release date
Fans of Manx actor Joe Locke are in for a double treat later this year.
Kiefer Sutherland stars in '24 at Villa Marina!
Actor and musician Kiefer Sutherland will be playing the Isle of Man later this year.
Police still looking for stolen car from Douglas
Police say they are still looking for a stolen vehicle.
Planning submitted for new mobile classrooms for two schools
The Department of Education has applied to put mobile classrooms at two Island schools.
Infrastructure Minister says department is dealing with boy racers
Infrastructure Minister Tim Crookall says his department is coming for boy racers, with new laws to combat noisy vehicles.
Charity holding suicide prevention training in June
Training is being offered to those who want to help prevent deaths from suicide next month.
Manx resident caught-up in Georgian protests
An Island resident caught up in protests in Georgia says he's been questioned by police - who couldn't understand his Manx identification.
