On April 4th, the Court approved the settlement between the United States, the five Gulf States, and BP over the damages resulting from the Deepwater Horizon oil spill which occurred in 2010. The Consent Decree outlines more than $20 billion in damages, with Louisiana receiving a minimum of $6.8 billion. This money will cover claims related to damages of natural resources under the Oil Pollution Act, civil penalties under the Clean Water Act, and the State’s claims of economic damage.
The finalization for the settlement is being well-received by Louisiana officials and lawmakers. As part of the settlement, the State will receive $200 million immediately, a portion of which will go to coastal restoration and the other part of which will go to economic restoration which will be used in the deficit. This settlement, after years of work, will result in a solidified timeline for the Coastal Master Plan and its various coastal restoration projects with those funds secured.
With the Court’s approval of the Consent Decree, the settlement that was announced in July 2015 is now formalized and the State can proceed with implementing the coastal restoration projects that the funds were allotted for. For more information, including a breakdown of the total settlement, go to the CPRA press release by clicking here.