Short answers, pulled from the story.
The Chesapeake Bay formed when a massive asteroid struck the region approximately 35.5 million years ago during the Eocene epoch, creating a crater that shaped the geological foundation of the estuary. Rising sea levels at the end of the last ice age flooded the river valley about 10,000 years ago to create the current body of water.
Explorers first applied the name Chesepiook in 1585 or 1586 when heading north from Roanoke Colony. The name Chesapeake comes from an Algonquian word meaning at a big river.
Over 300 species of fish inhabit the Chesapeake Bay along with numerous shellfish and crab species. Atlantic menhaden, striped bass, American eel, eastern oyster, and Atlantic horseshoe crab live here year-round or migrate seasonally.
Lax government regulations allowed anyone with a license to remove oysters from state-owned beds while two diseases named MSX and Dermo devastated the industry further. A sharp increase in pollution flowing into the bay due to human population growth also contributed to the depletion.
Partners developed the Chesapeake Bay Agreement signed in 1983 by governors and the EPA Administrator. An Executive Council consisting of cabinet-level appointees coordinated technical issues for restoration following this agreement.
Water levels in the bay have already risen one foot since measurements began. Predictions indicate an increase of 1.3 to 5.2 feet over the next 100 years due to climate change.