Advertisement

Total Economic Value of Bermuda’s Coral Reefs: A Summary

  • Samia Sarkis
  • Pieter J. H. van Beukering
  • Emily McKenzie
  • Luke Brander
  • Sebastiaan Hess
  • Tadzio Bervoets
  • Lois Looijenstijn-van der Putten
  • Mark Roelfsema
Chapter
Part of the Coral Reefs of the World book series (CORW, volume 4)

Abstract

The Total Economic Value (TEV) of Bermuda’s coral reef reefs is based on 6 key ecosystem goods and services. These more tangible direct and indirect use values are: (1) Coral reef-associated tourism, (2) Reef-associated fisheries, (3) Amenity or reef-associated surplus value on real estate, (4) Physical coastal protection, (5) Reef-associated recreational and cultural values, and (6) Research and education value. The study area is estimated to be 400 km2, encompassing the reefs of the Bermuda platform, excluding those of the outer edge of the North Lagoon. Quantification of each value, including data collection and decision-making, is summarized. The TEV of Bermuda’s coral reefs, dependent on the ecological integrity of the coral reefs and socio-economic conditions, ranges from $488 million to The Total Economic Value (TEV) of Bermuda’s coral reef reefs is based on 6 key ecosystem goods and services. These more tangible direct and indirect use values are: (1) Coral reef-associated tourism, (2) Reef-associated fisheries, (3) Amenity or reef-associated surplus value on real estate, (4) Physical coastal protection, (5) Reef-associated recreational and cultural values, and (6) Research and education value. The study area is estimated to be 400 km2, encompassing the reefs of the Bermuda platform, excluding those of the outer edge of the North Lagoon. Quantification of each value, including data collection and decision-making, is summarized. The TEV of Bermuda’s coral reefs, dependent on the ecological integrity of the coral reefs and socio-economic conditions, ranges from $488 million to $1.1 billion per year, with a yearly average of $722 million, equivalent to 12 % of Bermuda’s GDP. The contribution of ecosystem services to this value are on average: (1) Tourism (US$406 million per year, or 56 % of TEV), (2) Coastal Protection (US$266 million per year, or 37 %), (3) Recreational and Cultural (US$37 million per year, or 5 %), (4) Amenity (US$ 6.8 million per year, or 1 %), (5) Fishery (US$5 million per year, or 0.7 %), and (6) Research and Education (US$2.3 million, or 0.3 %). Additionally, the Willingness to Pay extra by both cruise ship and air visitors, for ensuring the preservation of reefs per year is US$16 million. Four recommendations are given, focusing on (a) the use of TEV in policy interventions through improved legislation, integration of strategic environmental assessments (SEA), extended cost-benefit analyses, and damage compensation fees, (b) making use of the cultural importance of marine ecosystems to residents, (c) actively involving the tourism industry, and (d) strategizing spatial management and protecting critical marine areas..1 billion per year, with a yearly average of $722 million, equivalent to 12 % of Bermuda’s GDP. The contribution of ecosystem services to this value are on average: (1) Tourism (US$406 million per year, or 56 % of TEV), (2) Coastal Protection (US$266 million per year, or 37 %), (3) Recreational and Cultural (US$37 million per year, or 5 %), (4) Amenity (US$ 6.8 million per year, or 1 %), (5) Fishery (US$5 million per year, or 0.7 %), and (6) Research and Education (US$2.3 million, or 0.3 %). Additionally, the Willingness to Pay extra by both cruise ship and air visitors, for ensuring the preservation of reefs per year is US$16 million. Four recommendations are given, focusing on (a) the use of TEV in policy interventions through improved legislation, integration of strategic environmental assessments (SEA), extended cost-benefit analyses, and damage compensation fees, (b) making use of the cultural importance of marine ecosystems to residents, (c) actively involving the tourism industry, and (d) strategizing spatial management and protecting critical marine areas.

Keywords

Ecosystem Service Coral Reef House Price Coastal Protection Coral Reef Ecosystem 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

References

  1. Burke L, Greenhalgh S, Prager D, Cooper E (2008) Coastal capital – economic valuation of coral reefs in Tobago and St. Lucia. WRI report. Washington, DCGoogle Scholar
  2. Department of Tourism (2007) Visitor profile 2007. Government of Bermuda, BermudaGoogle Scholar
  3. GOB (2000) Marine resources and the fishing industry in Bermuda: a discussion paper. The Government of Bermuda, Ministry of the Environment, BermudaGoogle Scholar
  4. GOB (2008) Department of Statistics, Government of Bermuda, BermudaGoogle Scholar
  5. Guishard MP, Nelson EA, Evans JL, Hart RE, O’Connell DG (2007) Bermuda subtropical storms. Meteorol Atmos Phys 97(1–4):253–293Google Scholar
  6. Sarkis S, van Beukering PJH, McKenzie E (eds) (2010) Total economic value of Bermuda’s coral reefs: valuation of ecosystem services. Technical report, Department of Conservation Services, Government of Bermuda, 2010, 199ppGoogle Scholar
  7. SWI, Smith Warner International (2004a) Coastal protection and development planning guidelines for Bermuda. Government of Bermuda, Ministry of the Environment. 47Google Scholar
  8. SWI, Smith Warner International (2004b). Bermuda coastal erosion vulnerability assessment; final report. Government of Bermuda, Ministry of the Environment, 148ppGoogle Scholar
  9. Van Beukering PJH, Slootweg R (2010) Valuation of ecosystem services: lesson from influential cases (Chapter 9). In: Slootweg R, Rajvanshi A, Mathur VB, Kolhoff A (eds) Biodiversity in environmental impact assessment. Cambridge University Press, Cambridge, pp 287–327Google Scholar
  10. Wallingford HR (1991) Dymchurch and Pett Sea defences, extreme waves and water levels. Wallingford report EX 2312, Sept 1991, 54ppGoogle Scholar

Copyright information

© Springer Science+Business Media Dordrecht 2013

Authors and Affiliations

  • Samia Sarkis
    • 1
  • Pieter J. H. van Beukering
    • 2
  • Emily McKenzie
    • 3
  • Luke Brander
    • 2
  • Sebastiaan Hess
    • 2
  • Tadzio Bervoets
    • 2
  • Lois Looijenstijn-van der Putten
    • 2
  • Mark Roelfsema
    • 2
  1. 1.Department of Conservation ServicesGovernment of BermudaSmith’s ParishBermuda
  2. 2.Institute for Environmental Studies (IVM)University of AmsterdamAmsterdamThe Netherlands
  3. 3.Joint Nature Conservation CommitteePeterboroughUK

Personalised recommendations