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The City of New Orleans has accepted $45 million from BP to compensate for damages from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico.

Mayor Mitch Landrieu's office announced Thursday the money will be used for "resilience initiatives, including water management and coastal and ecosystem restoration."

“This disaster not only killed 11 people, but it also became the worst environmental disaster in American history,” Landrieu said in a news release. “Let me be clear: this disaster devastated our environment, numerous families and businesses and local economy -- from our fisheries to hospitality industries. We will continue to deal with the long-term impacts of this disaster for years to come.

"However, this settlement is a positive step by BP to begin to repair the damage done. Moving forward, government and industry must come together to be more aggressive in not only restoring our coast, but also preventing the next oil spill wherever it may occur.”

After the oil spill, over 57,000 square miles of Gulf waters were closed to Louisiana’s recreational and commercial fishing.