Great Barrier Reef, estimated to be worth $42 billion
A report by Deloitte Access Economics shows that the economic costs of losing Australia’s Great Barrier Reef would rise at $42 billion.
As the Great Barrier Reef is undergoing coral bleaching, a phenomenon mostly due to a rise in water temperatures, experts evaluated the economic costs of losing the ecosystem. They took into consideration several factors, such as the revenue generated by the tourism industry ($29 billion), the indirect or non-use value, generated by people that heard of the reef but have yet to visit it ($24 billion) and the value from recreational use, such as boating ($3 billion).
“This timely report is a much needed, holistic view of the incredible economic value and opportunities provided by the Great Barrier Reef. Any failure to protect this indispensable natural resource would have profound impacts not only to Australia but around the world,” said U.S. politician and environmentalist Al Gore in the report.
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Furthermore, Great Barrier Reef Foundation director Steve Sargent stated that the report “sends a clear message that the Great Barrier Reef—as an ecosystem, as an economic driver, as a global treasure—is too big to fail.”
The Great Barrier Reef, located off the coast of Queensland, Australia, is the world’s largest coral reef system and is currently affected by warming waters, farming runoff, boating accidents and urban development.
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