Economic Impacts of Disasters and Economic Events on Marine Resources

Economic Impacts of Coastal Hazards on the Gulf of Mexico

  • Dr. Posadas is developing three approaches to measuring the joint and individual impacts of man-made and natural disasters, global pandemics and recessions, the U.S.-China trade war, and recent increases in fuel prices on commercial aquaculture production and farmgate values.
  • Recent disasters included major hurricanes, the Bonnet Carre Spillway (BCS) openings in 2011 and 2019, and harmful algal blooms. The COVID-19 pandemic was declared a national emergency in the U.S. on Mar.13, 2020.
  • The U.S. economy was in recession from Feb. to June 2020. The U.S.-China trade war started in July 2018 when the US imposed tariffs on $34 billion of Chinese goods. China reciprocated by imposing equivalent tariffs on U.S. exports. Fuel prices rose to more than $4 per gallon in early 2022.

Economic Impacts of the Opening of Bonnet Carre Spillway  

  • The Mississippi oyster industry has endured severe economic hardships since 2005 due to the massive destruction and frequent closures of the state public reefs associated with natural and technological disasters.
  • The absence of access to public reefs has caused the shutdown of oyster harvesting activities and associated processing and distribution activities. 

Economic Assessment of the Impacts of Hurricane Gustav on Mississippi Marine Resources 

  • An assessment of seafood processors, dealers, marinas, and live bait dealers in Coastal Mississippi was conducted to determine the level of economic losses sustained as a result of Hurricane Gustav.
  • The devastation caused by this hurricane created an urgent and compelling need to complete damage assessments in the affected areas as soon as possible.
  • This project aimed to assess the economic damages associated with Hurricane Gustav to the seafood processors, dealers, marinas, and live bait dealers in Coastal Mississippi.

Economic Assessment of the Impacts of Hurricane Katrina on Mississippi Marine Resources 

  • An assessment of seafood processing plants and seafood dealers, live bait boats and dealers, marinas, commercial fishing, for-hire charter, and recreational boating fleets was undertaken in Mississippi to determine the level of damage sustained due to Hurricane Katrina and Hurricane Rita.
  • The devastation by these hurricanes created an urgent and compelling need to complete damage assessments in the affected areas as soon as possible.
  • Congress developed damage assistance programs for the Gulf region.