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Estimating the economic damages from the Penglai 19-3 oil spill to the Yantai fisheries in the Bohai Sea of northeast China

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  • Pan, Guangchen
  • Qiu, Shengyao
  • Liu, Xin
  • Hu, Xiaoke

Abstract

The Penglai 19-3 oil spill was one of the worst pollution incidents to occur along the Chinese coastline in terms of both the size of the spill and the area polluted with 840 square kilometers of previously clean coastal waters significantly degraded. The current study estimated economic damages from the spill in two economic sectors, the Yantai fishery and the Yantai mariculture business. Estimates revealed that the ecological damage to fisheries and mariculture affected local crustacean species, shellfish, algae, sea cucumbers and sea urchins much more seriously than the adult fish, partly because fish are very mobile and partly because of the submarine nature of the PL19-3 spill. Toxic oil floating on the sea surface created less of a threat to fish, when comparing them with benthos and algae. Therefore, the economic losses were mainly caused by a reduction in the productivity of crustaceans, shellfish, algae, sea cucumbers and sea urchins, totaling as much as 11USD 1.0=CNY 6.2 in June 2015.CNY1239.5 million for 63,044t in weight. Together with the loss in the fishing sector (i.e., CNY16.85 million), the total economic losses were about CNY12.56 billion.

Suggested Citation

  • Pan, Guangchen & Qiu, Shengyao & Liu, Xin & Hu, Xiaoke, 2015. "Estimating the economic damages from the Penglai 19-3 oil spill to the Yantai fisheries in the Bohai Sea of northeast China," Marine Policy, Elsevier, vol. 62(C), pages 18-24.
    • Handle: RePEc:eee:marpol:v:62:y:2015:i:c:p:18-24
    DOI: 10.1016/j.marpol.2015.08.007
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    References listed on IDEAS

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    1. García Negro, M.C. & Villasante, S. & Carballo Penela, A. & Rodríguez Rodríguez, G., 2009. "Estimating the economic impact of the Prestige oil spill on the Death Coast (NW Spain) fisheries," Marine Policy, Elsevier, vol. 33(1), pages 8-23, January.
    2. Alló, Maria & Loureiro, Maria L., 2013. "Estimating a meta-damage regression model for large accidental oil spills," Ecological Economics, Elsevier, vol. 86(C), pages 167-175.
    3. Loureiro, Maria L. & Ribas, Alfonso & Lopez, Edelmiro & Ojea, Elena, 2006. "Estimated costs and admissible claims linked to the Prestige oil spill," Ecological Economics, Elsevier, vol. 59(1), pages 48-63, August.
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    Cited by:

    1. Hoang, Trung Xuan & Le, Duong Trung & Nguyen, Ha Minh & Vuong, Nguyen Dinh Tuan, 2020. "Labor market impacts and responses: The economic consequences of a marine environmental disaster," Journal of Development Economics, Elsevier, vol. 147(C).
    2. Xishan Li & Chengyan Wang & Nan Li & Yali Gao & Zhonglei Ju & Guoxiang Liao & Deqi Xiong, 2021. "Combined Effects of Elevated Temperature and Crude Oil Pollution on Oxidative Stress and Apoptosis in Sea Cucumber ( Apostichopus japonicus , Selenka)," IJERPH, MDPI, vol. 18(2), pages 1-16, January.

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