Economic Impacts of Coastal Hazards and Global Pandemic

In order to understand the magnitude and duration of the individual and joint economic impacts of recent natural and technological disasters to recreational and commercial fishing, aquaculture, horticulture and marine sectors, multi-year baseline economic information about each sector in all five Gulf states are currently being compiled from various secondary sources. Econometric analysis of these long-term data are conducted to determine the rate of economic recovery and measure the long-term economic damages to these affected economic sectors. It is suggested that these assessments be conducted industry-wide, region-wide, state-wide, and by species.

Recent Natural, Technological, Man-made Disasters and Global Pandemic

  1. Hurricane Katrina in August 2005
  2. Hurricane Gustav in October 2008
  3. Gulf of Mexico oil spill in April 2010
  4. Prolonged BCS opening in May-June 2011
  5. Bonnet Carre Spillway Openings 2019
  6. Covid-19 Global Pandemic

Seafood Economic Sectors

  1. Commercial fishing
  2. Seafood processing
  3. Seafood wholesaling
  4. Seafood and fish markets
  5. Seafood restaurants
  6. Recreational fishing 
  7. Live bait dealers
  8. Charter boats for-hire
  9. Commercial marinas 

The total economic impact is the sum of direct, indirect, and induced impacts.  Direct effects express the economic impacts in the sector in which the expenditure was initially made.  Indirect impacts result from changes in the economic activity of other industrial sectors that supply goods or services to the sector being evaluated. Induced impacts are the result of personal consumption expenditures by industry employees.