Mississippi receiving $2.2 billion in BP settlement - WLOX.com - The News for South Mississippi

Mississippi receiving $2.2 billion in BP settlement

Mississippi Governor Phil Bryant and Attorney General Jim Hood held a news conference in Biloxi Thursday morning to announce Mississippi's share of a $18.7 billion settlement with BP over the 2010 Gulf oil spill. (Photo source: WLOX) Mississippi Governor Phil Bryant and Attorney General Jim Hood held a news conference in Biloxi Thursday morning to announce Mississippi's share of a $18.7 billion settlement with BP over the 2010 Gulf oil spill. (Photo source: WLOX)
Mississippi's first payment of $150 million is scheduled for January 2016. (Photo source: WLOX) Mississippi's first payment of $150 million is scheduled for January 2016. (Photo source: WLOX)
Approximately $183 million in Natural Resource Damage Assessment payments, to be paid over 15 years, which will be used primarily for environmental restoration. (Photo source: WLOX) Approximately $183 million in Natural Resource Damage Assessment payments, to be paid over 15 years, which will be used primarily for environmental restoration. (Photo source: WLOX)
BILOXI, MS (WLOX) -

Mississippi will receive almost $2.2 billion in compensation for the 2010 BP oil spill disaster in the Gulf of Mexico. Mississippi Governor Phil Bryant made that announcement Thursday morning at a news conference in Biloxi. He was joined by Attorney General Jim Hood, who said the first payment of $150 million is scheduled for January 2016.

Here’s a breakdown of the agreement in principle:

  • Approximately $183 million in Natural Resource Damage Assessment payments, to be paid over 15 years, which will be used primarily for environmental restoration;
     
  • Approximately $582 million in Clean Water Act penalties under the RESTORE Act. These funds will be paid over 15 years and used primarily for environmental projects, research and economic development;
     
  • $750 million in economic damages paid over 17 years as a result of Mississippi’s own lawsuit against BP. Mississippi is scheduled to receive a payment of $150 million in 2016 and equal yearly payments of $40 million from 2019-2033. The funds will be available for appropriation by the Mississippi Legislature.

Here’s a breakdown of the $659 Million in Early Funding:

  • $112.557 million in Natural Resource Damage Assessment Early Restoration payments;
     
  • $106 million in early RESTORE Act payments;
     
  • $356 million in National Fish and Wildlife Foundation payments;
     
  • $85.168 in initial response payments.

The agreement in principle with BP also provides up to $1 billion to settle claims in the five Gulf States between BP and local governments and other public entities. But settlement amounts for individual governments and public entities have not yet been determined. An announcement is expected around July 12.

“Today is a victory for Mississippi and a victory for a treasured way of life on the Gulf Coast,” Gov. Bryant said. “We have made significant progress since the BP disaster. Today’s announcement ensures that long lasting recovery will continue.”

“We remain committed to ensuring that our coast counties and cities are included in any settlement and treated fairly,” added Attorney General Jim Hood. “I am pleased to say we are upholding our promise.” Hood continued, “The size and scope of this settlement is the result of a successful partnership of all the gulf states and our state agencies. Together, we held BP accountable for the damage it caused.”

The Deepwater Horizon Macondo oil well drilling platform exploded on April 20, 2010. Eleven men, including four Mississippians, were killed.

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