Deepwater Horizon Oil Spill Trust Deepwater Horizon Oil Spill Trust The "Deepwater Horizon" Oil Spill Trust is the $20 billion trust fund established by BP to settle claims arising from the "Deepwater Horizon" oil spill. The fund was established to be used for natural resource damages, state and local response costs and individual compensation. It was established as Gulf Coast Claims Facility (GCCF), announced on 16 June 2010 after meeting of BP executives with U.S. President Barack Obama. In June 2012, the settlement of claims through the GCCF was replaced by the court supervised settlement program. After the "Deepwater Horizon" oil spill started, BP promised
Deepwater Horizon oil spill nose. The spill had a strong economic impact to BP and also the Gulf Coast's economy sectors such as offshore drilling, fishing and tourism. Estimates of lost tourism dollars were projected to cost the Gulf coastal economy up to 22.7 billion through 2013. In addition, Louisiana reported that lost visitor spending through the end of 2010 totaled $32 million, and losses through 2013 were expected to total $153 million in this state alone. The Gulf of Mexico commercial fishing industry was estimated to have lost $247 million as a result of postspill fisheries closures. One study projects that the overall