Many individuals and businesses suffered massive economic loss, property damages, and health issues as results of the deepwater horizon oil spill in 2010. Under the settlement, victims can file claims for economic loss. Victims of the oil spill look forward to receiving compensation under the deepwater horizon settlement to recover from their loss. The settlement was by far already a big help to individual residents and businesses. More importantly, the settlement is a huge aid that will get the whole Gulf Coast region up on its feet again. The compensation fund will push the region to move forward and hopefully boost its recovery.
A huge chunk of the settlement will be dedicated to covering deepwater horizon claims for economic loss. On top of this, the settlement will also allot a $57-million fund for the Gulf tourism and seafood promotion. The fund is established in hopes of promoting Gulf tourism and seafood industry in areas that were affected by the spill. The fund will be used to advertise, market, and promote Gulf Coasts seafood industries and tourism. The new settlement process will be overseen and administered by the Claim Administrator. It is also likely that some public and non-profit organizations will participate in processing claims.