FIO is the Gulf coast state entity responsible for administering the Florida RESTORE Act Centers of Excellence Program (FLRACEP).
NEWS ITEM: FLRACEP Centers of Excellence 2016 Annual Meeting presentations at TradeWinds Island Resorts on October 27th and 28th now available online.
The Deepwater Horizon oil platform explosion in April 2010 resulted in tragic loss of eleven lives and the worst oil spill in US history, pouring an estimated 4-5 million barrels of oil into the northern Gulf of Mexico in 87 days. Related penalties from civil and criminal settlements will exceed $35 billion, the highest for an environmental disaster in US history (see gomurc.usf.edu/index.php/initiatives/restoration-presentations for summaries).
Deepwater Horizon oil platform on fire, April 20, 2010. Credit: Gulf Restoration Network
"On July 6, 2012, the President signed into law the Resources and Ecosystems Sustainability, Tourist Opportunities, and Revived Economies of the Gulf Coast States Act (RESTORE Act; Subtitle F of Public Law 112-141). The Act established the Gulf Coast Restoration Trust Fund in the U.S. Treasury Department. Eighty percent of the civil penalties paid after July 6, 2012, under the Federal Water Pollution Control Act in connection with the Deepwater Horizon oil spill will be deposited into the Trust Fund and invested. Under the Act, amounts in the Trust Fund will be available for programs, projects, and activities that restore and protect the environment and economy of the Gulf Coast region." US Department of Treasury, RESTORE Act web site.
RESTORE Act programs include five components, including the Centers of Excellence Research Grant Program (CERGP) (RESTORE Act Regulations sub-part H section 34.700), to receive 2.5% of Trust Fund principal, to be divided equally among the five Gulf coast state entities (0.5% to Florida, an estimated $4,000,000 from the 2012 Transocean settlement, and $22 million over 15 years from the 2015 BP civil settlement). FIO will manage the FL RESTORE Act Centers of Excellence Program (FLRACEP).
RESTORE Act references: