Economic assessment of environmental damage due to oil spill

Abstract

The economic valuation of environmental impacts is of utmost importance when generating information on the costs associated with environmental damage. Knowledge of these costs
contributes to the definition of development strategies which take into account environmental
variables that affect the well-being of society. The article shows the results of an economic evaluation exercise carried out in Matanzas Bay where, as a consequence of a breakdown in the discharge process of a super tanker, a  hydrocarbon spill occurred in its waters. The
methodology used assumes the paradigm provided by the ecosystem approach, which
allowed considering in the analysis the costs associated with the impacts that are not fully
incorporated in the market prices. The total cost of the damage was estimated at 1357800 CUC, it considered the costs of damage and restoration.