The costs begin being tabulated.
Calculating the cost of the S.F. oil spill
By Gilbert Chan - gchan@sacbee.com
Published 12:00 am PST Friday, November 16, 2007
Environmental consultants rank last week's oil spill in the San Francisco Bay, the worst there in nearly two decades, as moderate in terms of its financial repercussions. Dagmar Schmidt Etkin of Environmental Research Consulting in New York estimates the impact will be as much as $155 million, based on an economic model developed for the U.S. Army Corps of Engineers.
Here is the breakdown:
Socioeconomic impact: $50 million to $100 million
Judging from the past, experts expect a number of ripple effects from the spill.
However, not everything can be anticipated immediately.The consequences include:
• Damage to real and personal property, including pleasure crafts.
• Closure of beaches, parks and other recreation areas.
• Extra expenses and income loss by commercial and sports fishing companies.
At the urging of industry, Gov. Arnold Schwarzenegger suspended the fishing season until Dec. 1, interrupting the region's popular Dungeness crab season, valued at $7.8 million last year. Some fear the spill may threaten the catch in the future. The herring season, which normally begins in December and netted more than $400,000 in 2006, also could be affected. The long-term impact on marine life cannot yet be quantified, environmental toxicology experts said.
• Lost revenue at tourist-related businesses, shipping companies and recreation-oriented ventures. Even though much of the seafood haul sold at Fisherman's Wharf is caught offshore or elsewhere in the Pacific, industry veterans fear the oil spill will color consumer perceptions and decisions.
