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The Lost Value of Groundwater: The Case of Asopos River Basin in Central Greece

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  • Georgios Tentes
  • Dimitrios Damigos

Abstract

Due to the unique nature of the environmental damage, mainly by Cr(VI), the pollution of the Asopos river basin aquifer in Greece has been recently characterized as an ‘environmental crisis’. This paper presents the results of the first attempt in Greece to value the environmental damage to groundwater and to estimate its total economic value using environmental economics. Towards this direction a Contingent Valuation study was conducted, covering the settlements mostly affected in the area. The results indicate that local households are willing to pay an extra monthly charge in voluntary basis for ten years, in order to restore the aquifer under investigation. Different household profiles show different willingness to pay, depending on attitudes against the environmental damage, population age and place of residence. The elicited estimates seem to reflect mostly non-use values and, although smaller than actual private and public expenses for the replacement of the lost public good, the findings are promising and may serve as a spark for future research. Copyright Springer Science+Business Media B.V. 2012

Suggested Citation

  • Georgios Tentes & Dimitrios Damigos, 2012. "The Lost Value of Groundwater: The Case of Asopos River Basin in Central Greece," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 26(1), pages 147-164, January.
    • Handle: RePEc:spr:waterr:v:26:y:2012:i:1:p:147-164
    DOI: 10.1007/s11269-011-9910-2
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    1. West, Grant H. & Snell, Heather & Kovacs, Kent & Nayga, Rodolfo M., 2020. "Estimation of the preferences for the intertemporal services from groundwater," 2020 Annual Meeting, July 26-28, Kansas City, Missouri 304220, Agricultural and Applied Economics Association.
    2. Cook, David & Davíðsdóttir, Brynhildur & Kristófersson, Daði Már, 2016. "Energy projects in Iceland – Advancing the case for the use of economic valuation techniques to evaluate environmental impacts," Energy Policy, Elsevier, vol. 94(C), pages 104-113.
    3. J.-D. Rinaudo & S. Aulong, 2014. "Defining Groundwater Remediation Objectives with Cost-benefit Analysis: Does It Work?," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 28(1), pages 261-278, January.
    4. V. Kanakoudis & S. Tsitsifli & T. Azariadi, 2015. "Overview of the River Basin Management Plans Developed in Greece Under the Context of the Water Framework Directive 2000/60/EC Focusing on the Economic Analysis," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 29(9), pages 3149-3174, July.
    5. Won-Seok Lee & Seung-Hoon Yoo & Jeehyeong Kim, 2013. "Measuring the Economic Benefits of the Tap Water Supply Service in Urban Areas: The Case of Korea," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 27(2), pages 619-627, January.
    6. Cook, David & Davíðsdóttir, Brynhildur & Kristófersson, Daði Már, 2018. "Willingness to pay for the preservation of geothermal areas in Iceland – The contingent valuation studies of Eldvörp and Hverahlíð," Renewable Energy, Elsevier, vol. 116(PA), pages 97-108.
    7. Kountouris, Yiannis & Nakic, Zoran & Sauer, Johannes, 2015. "Political instability and non-market valuation: Evidence from Croatia," Resource and Energy Economics, Elsevier, vol. 41(C), pages 19-39.

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