Economic Impacts of the Gulf of Mexico Oil Spill
In order to understand the magnitude of the potential economic impacts of the Gulf of Mexico oil spill (GOMOS) or the Deepwater Horizon oil spill (DWHOS) to the different economic sectors affected, multi-year baseline economic information about each sector in all the five Gulf of Mexico (GOM) states are currently being compiled from various secondary sources.
The closures of significant portions of GOM federal and state waters to commercial and recreational fishing and closures of beach resources to human uses due to GOMOS or DWHOS will alter the recreation, consumption and production decisions of residents and tourists in affected communities.
These long-term baseline secondary data will be used to determine the duration of the economic impacts of the massive technological disaster. Econometric analysis of these data will be conducted to determine the rate of economic recovery and measure the economic damages to these affected economic sectors. It is suggested that these assessments be conducted on a region-wide basis, state by state, and species by species.
The measures used in estimating the economic impacts of the seafood industry are summarized at this link. The long-term economic impacts of the entire seafood industry in the Gulf of Mexico states are summarized at this link.