This article reviews the possible cause for the underwater deposition of a series of Phoenician bronze figurines dated between the eighth and seventh centuries BC and discovered on the southwestern coast of the Iberian Peninsula, around the Islet of Sancti Petri (Cadiz) and on the coast near the city of Huelva. These figurines have been interpreted as votive offerings thrown into the waters near the ports of Cadiz and Huelva by Phoenician seafarers and merchants at the end of their voyages as an expression of gratitude to the god Melqart. Instead, I propose that these objects may have been thrown into the waters as part of religious rituals intended to appease the waters of the ocean following the occurrence of catastrophic marine floods, such as those that apparently affected the seaboard of the Gulf of Cadiz in the middle of the first millennium BC.