Greater New Orleans Inc. (GNO) on Friday released the first part of a three-part report on the economic impacts of the Deepwater Horizon oil spill on Louisiana fisheries and associated industries.
"A Study of the Economic Impact of the Deepwater Horizon Oil Spill," takes into account the size and location of the spill, estimated ecological harm to fisheries, the claim payments process by BP, and the day-to-day realities of local fishermen.
The study's findings include potential concentrations of oil within Louisiana's estuaries, possible long-term effects on early life stages of shrimps, crabs, oysters and other seafood, gross revenue loss to the economy from 2011 to 2013 projected between USD 115 million and USD 173 million and employment and income challenges and opportunities.
GNO said the study will serve as a tool to guide and inform the revitalization of the regional economy as communities begin to recover their jobs, businesses and livelihoods.
"The conclusions of the study will help direct where resources should be invested to mitigate economic damage," says Robin A. Barnes, executive VP of GNO. "However, further research is necessary to fully understand additional factors threatening the local economy, such as the long-term ecological impacts of exposure to oil concentrations and dispersant chemicals, as well as the impact on our local fisheries of decreased consumer demand for Louisiana seafood."
The study was based on analysis from global consulting house IEM and Headwater Capital Consulting with help from local community-based organizations and was funded by the Economic Development Administration, U.S. Department of Commerce and Chevron.
Parts two and three of the study will examine the economic impact of the moratoria and national perception of the Louisiana brand as it pertains to seafood safety, tourism and business for part three.
