BP today announced that it has established a $360 million escrow account to fund immediately the construction of six sections of Louisiana barrier islands approved by the U.S. government. BP has been directed to pay for the construction by the federal government. Since the environmental implications of the projects are not fully understood, BP assumes no liability for unexpected or unintended consequences of these projects.
BP has already provided $170 million to Louisiana, Alabama, Mississippi and Florida to help with their response costs and help promote their tourism industries. The company has also paid approximately $43 million in compensation to people and companies affected by the spill.