Know about market updates

BP settlement nets more than $3 billion for Fla.

WASHINGTON – Oct. 6, 2015 – The U.S. Department of Justice formally announced a settlement Monday to resolve civil claims against BP arising out of the 2010 Deepwater Horizon disaster, with the deal expected to mean about $3.25 billion for Florida.
At $20.8 billion total, the deal to resolve the government’s claims under the Clean Water Act and Oil Pollution Act is the largest ever for the Justice Department and was initially announced in June.
“This historic agreement will help Florida recover from the disastrous economic and environmental consequences of the Deepwater Horizon oil spill and end a potentially lengthy litigation process,” state Attorney General Pam Bondi said in a release. “The agreement formalized today represents the largest single total recovery in American history for an environmental disaster.”
Florida stands to receive $2 billion for economic damages, the most of any Gulf Coast state, and $680 million for restoration projects. Florida is also in line for $572 million as part of the 2012 Resources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States (RESTORE) Act, with that figure potentially growing to $1.25 billion.
The deadly explosion aboard the Deepwater Horizon drilling rig and ensuing massive spill affected the environment, tourism and the fishing industry along the Gulf of Mexico, but its effects rippled throughout the state.
Audubon Florida Executive Director Eric Draper said the money should be used to help restore and maintain wildlife habitat along the Gulf Coast and improve water-quality projects along the coast.
“Florida appears to have fared well in the settlement with BP,” Draper said. “Florida’s share of natural resource damage funds seems appropriately targeted toward water quality improvements and restoring wildlife in Florida’s coastal areas.”
Louisiana, hardest-hit by the environmental impacts of the disaster, is slated to receive $5 billion for restoration projects, the most of any of the five states in the settlement.
In Florida, Triumph Gulf Coast Inc., a non-profit corporation created by the Legislature in 2013, will manage 75 percent of the economic damages money. Triumph, set up to help the eight Panhandle counties most economically impacted by the spill, is expected to award the money over 30 years for recovery efforts.
Source: News Service of Florida  
Source: Florida Realtors Feed

Leave a Reply

Your email address will not be published. Required fields are marked *