Some $5.5 billion will be allocated to cover Clean Water Act penalties, and the rest will be dispersed among five Gulf states and 400 local governments which suffered from the ecological disaster. The compensation is set to be paid out in full within 16 years.
So far, BP has reportedly spent some $28 billion on cleanup operations and compensations, the Verge reported. Total payouts may eventually exceed $53 billion, the Daily Mail noted.
To cope with the expenses, BP will ultimately cut at least 7,000 jobs worldwide that are related to refining, marketing and distribution, according to the Daily Mail.
It’s still not clear whether the environmental damage can be repaired. The spill stretched across 43,000 square miles, profoundly damaging the native coastal flora and fauna from Florida to Texas, as well as thousands of species in deeper waters.
The unprecedented chemical poisoning decimated fishing and tourism in the Gulf states. Despite BP offering money to some fishermen to cover their losses, thousands of pending claims remain.
Attorney General Loretta Lynch said Monday that the money from the court ruling will help to repair the regional economy and assist in mitigating, to some extent, the ecological consequences of the spill.
"BP is receiving the punishment it deserves, while also providing critical compensation for the injuries it caused to the environment and the economy of the Gulf region," Lynch said.
