Oil spill claims administrator Kenneth Feinberg is set to release the methodology for calculating oil spill claims payments. According to The New York Times, his estimates predict the gulf region will recover by late next year: #
Based on the work of environmental scientists, economists and other experts, the report acknowledges that “prediction is not an exact science” but estimates that the gulf should recover by the end of 2012. The hardest-hit oyster beds could take much longer to come back, it says. #
Based on those estimates, the damages paid out by the fund would be double the first year’s losses for most of those filing claims, less any money previously paid by the fund. Those whose living is tied to oyster beds would receive four times their 2010 losses. #
Florida officials, including state Chief Financial Officer Jeff Atwater, have sought input on Feinberg’s formulas. The Gulf Coast Claims Facility will be posting all the written comments it receives, including those from public officials, on its website, according to a news release from Feinberg’s staff. #
Feinberg will be releasing the reports and briefing reporters later this morning. #
