Ha! I am on a train without my thinking head. Yes, it's 100 Ats at 1km. But even that would / could involve a big bubble. I heard of ships foundering in bubbles of released Methane (Horizon, BBC TV) but that's easily dealt with by having an exclusion zone. But wouldn't a bubble of 100 million cubic m still cause a significant wave? The actual Energy involved would be what was originally stored. You would have a surface wave with a wavelength of perhaps hundreds of m and the energy density follows only an inverse law (2d) spreading. That wave would have some significant effect all along the coast, I think. But, as you say, the air would hardly appear all at once. There would be only a small pressure differential across a tear on the sea bed.
I'm not knocking the idea. I made my original comparison with hydro power, in a positive way, aamof. One massive advantage of a sea bed system would be that it wouldn't be affected by weather like wind, tidal and wave systems. You would have a choice of any convenient site, too. Unlike oil drilling rigs. And no risk of pollution. Pipes along the sea bed to shore would allow most of the equipment to be ashore. Only valves would be needed out at sea.
I warming to the idea.