Assessments of economic loss due to the Deepwater Horizon disaster must account for the impact of Hurricane Katrina and the unique structure of the commercial fishing industry
As of July 14th 2010, approximately 110,000 claims for damages due to the Deepwater Horizon disaster have been filed with BP. BP has paid out $183 million to these claimants.1 Claimants include individuals and businesses that have experienced loss of profits and earnings capacity, and government entities that have experienced lost revenue and increased costs of service provision. In addition to these claims, a large number of lawsuits—including many class action lawsuits—have been filed against BP, Transocean, and other allegedly responsible parties. The resolution of these claims and lawsuits will hinge on the determination of economic damages. In these and similar cases, reliable calculations depend critically on the ability to accurately measure many contributing factors, and on assumptions about what would have happened had the disaster not occurred.