Jaitley, however, was quick to add that instead of delving into the past he would rather look at future in terms of providing better quality of life to the survivors of the natural calamity that struck the state in first week of September.
"The flood was a huge natural tragedy. The suffering of the tragedy multiplied manifold because the response from those who were to deal with the situation was inadequate and highly delayed. Innocent people lost their lives, people have lost their properties, careers, investments and houses," the BJP leader said during an interaction with members of civil society organised by his party here.
Jaitley cited the example of rehabilitation work undertaken in Gujarat, where earthquake caused large-scale devastation.
"There was widespread devastation but in a record time, cities were again set up and buildings reconstructed. It was rewarded with United Nations award for rehabilitation.
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Replying to another question, the Union Finance Minister said the request for financial assistance submitted by the state government for rehabilitation of flood victims will be dealt with under the norms.
"The state puts forth its claim. It is assessed and accordingly grant is given. We will take a sympathetic view of the losses due to floods in Jammu and Kashmir," he added.
Jaitley refused to go into specifics due to the Model Code of Conduct being in force in the state, where five-phase Assembly polls are in progress.