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An Accidental Oil Spill Along the Belgian Coast: Results from a CV Study

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Author Info
Karl van Biervliet (ECOLAS)
Dirk Le Roy (ECOLAS)
Paulo A.L.D. Nunes (University of Venice and Fondazione Eni Enrico Mattei)

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Abstract

This paper offers an economic assessment of the loss of non-use values resulting from different oil spill scenarios along the Belgian Coast. Estimation results show that if no oil spill prevention policy action is undertaken, a significant welfare loss may result. As a matter of fact, contingent valuation estimation results show such a welfare loss ranges from 120 million Euro to 606 million Euro, depending on the size and the frequency of the oil spill under consideration. Therefore, any investment program targeted at the prevention of oil spills, and its damage on the marine environment, can be clearly defended from a cost-benefit perspective as long as its cost is no higher than 120 million Euro.

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Paper provided by Fondazione Eni Enrico Mattei in its series Working Papers with number 2006.41.

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Date of creation: Mar 2006
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Handle: RePEc:fem:femwpa:2006.41

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Related research
Keywords: Oil Spill Prevention Scenario Contingent Valuation Cost Benefit Analysis

Find related papers by JEL classification:
Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects
Q53 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Air Pollution; Water Pollution; Noise; Hazardous Waste; Solid Waste; Recycling
Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters
Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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