Great Lakes Water Relief and Economic Protection Act of 1987

Great Lakes Water Relief and Economic Protection Act of 1987 - Directs the Secretary of the Army to: (1) increase the rate of diversion of water from Lake Michigan at Chicago, Illinois, whenever the water level exceeds a specified elevation on a monthly average; (2) maximize the rate of flow of water through the Black Rock Lock; and (3) implement such other measures as are formally agreed to by the Governments of Canada and the United States.

Declares that any adjustment in rates of diversion of water at Lake Michigan at Chicago shall: (1) be accomplished incrementally; (2) take into consideration the effects of the adjustment on the Illinois Waterway; (3) be implemented by the State of Illinois and the Metropolitan Sanitary District of Greater Chicago under the direct control and supervision of the Secretary of the Army; (4) not be included in the State of Illinois' accounting of diversion of water from Lake Michigan under any decree of the Supreme Court; (5) not result in a rate of diversion from Lake Michigan in excess of 10,000 cubic feet per second; and (6) be controlled and stopped or reduced as directed by the Secretary whenever bankful conditions at certain flood warning stations are predicted, and as necessary to maintain safe navigation conditions.

Sets forth exceptions for the Secretary to reduce the rate of diversion of water below any rate required by this Act.

Directs the Secretary to reimburse a State for any costs incurred in implementing water diversion adjustments.

Requires the Secretary to establish a monitoring program to assess the impact of lake level control measures on receiving and discharging waterways.

Expresses the sense of the Congress that the President should seek negotiations with Canada regarding matters relating to the maintenance of water levels of the Great Lakes.

Declares that water diverted under this Act shall not be used for any permanent economic, resource, public, or private development except as expressly authorized under the Water Resources Development Act of 1986. Provides that neither such Act nor this Act shall limit the incidental use of diverted water.