BP Oil Spill: Florida Property & Income Damage

Cities lining the Gulf Coast continue to get rocked financially as a result of the devastating Deepwater Horizon oil spill. Florida, along with Louisiana, Mississippi and Alabama is feeling the economic squeeze. Now, in addition to severe property and income damage, some say Florida may experience credit cuts as the oil approaches communities in the northwestern panhandle.

The economy in Florida depends heavily on sales taxes from its massive tourism industry, an industry expected to suffer. According to last year’s records, more than 80 million tourists went to Florida in 2009, generating some $65.2 billion in economic activity. Sales tax reached nearly $4 million.

Tar Balls Reach Florida Waters

Reuters reports that tar balls were discovered in Florida waters at a resort off Key West. Tests are being conducted to determine whether the balls came from the BP Deepwater Horizon explosion. In a forecast compiled by University of South Florida College of Marine Science experts, the authors predicted that the oil could possibly reach the Florida Keys and Miami in a matter of days. Other experts have reported that the oil slick may have already entered into the Loop Current that wraps around the Florida Peninsula.

Florida Tourism Industry Could Be Devastated by Oil Spill

Unlike some of the other communities that line the Gulf, Florida’s economy doesn’t rely as heavily on the fishing industry. Instead, the state’s economy relies heavily on its $60 million/year tourism industry. Since the tar balls have arrived, the tourism industry in Florida is gearing up for what could be a complete financial devastation. Those with a high potential of being impacted include:

Key West, a popular beach, famous for diving, fishing and luxury resorts
Florida Keys, including the popular luxury resorts and restaurants
Miami Beach hotels, restaurants, bars, and other tourist attractions

Financial Compensation May Be Available

The total loss is still undetermined as the cleanup is underway. If you have been impacted in any way by the oil spill off the Gulf of Mexico, you should contact an attorney as soon as possible to find out the best way to pursue compensation. You may be eligible to join a class action with other people who have incurred similar losses, or you may wish to file an individual oil spill lawsuit seeking damages specific to you and your family.

Either way, we are available to discuss your options at no charge. Contact our oil spill lawyers now.

BP Oil Spill Breaking News

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BP Oil Spill: Florida Property & Income Damage

Tar Balls Reach Florida Waters

Florida Tourism Industry Could Be Devastated by Oil Spill

Financial Compensation May Be Available

BP Oil Spill Breaking News

"BP to establish $20 billion fund for Gulf cleanup and compensation"

"Panel hears testimony on BP oil spill"

"Gulf oil spill could be contained soon"

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