The RESTORE Act allocates 80 percent of the amount of any Clean Water Act fines from the 2010 BP Deepwater Horizon oil spill to the Gulf Coast. Under RESTORE, the fines are divided into several different sources of funding, with different permissible uses and various methods for approving projects. Importantly, 75 percent of Florida's allocation will come directly to the eight disproportionately impacted panhandle counties which include Santa Rosa, Escambia, Okaloosa, Walton, Bay, Gulf, Franklin and Wakulla counties.
Several parties are involved with the various settlements resulting from the Deepwater Horizon blowout, explosion, oil spill and response. To date, MOEX has settled all of its civil liability while Transocean will pay $1 billion in partial Clean Water Act civil penalties, which will be the first funds to be dispersed through the formula outlined in the RESTORE Act. On July 2, 2015, a settlement was reached between BP and Gulf States including $5.5 billion in Clean Water Act civil penalties which will be paid out over 15 years. Click here to see a flow chart of oil spill funds in Florida
The total funding available for eligible activities under the Direct Component will depend on the Trust Fund balance and any adjustment due to sequestration. Approximately $4 million is currently available to Santa Rosa County in the first dollars offered through the RESTORE Act associated with the Transocean Civil Penalty. An additional $24 million will be made available to Santa Rosa County over the next 15 years.