Indirect assessment of economic damages from the Prestige oil spill: consequences for liability and risk prevention.
The social losses arising from the Prestige oil spill exceed the compensation granted under the IOPC (International Oil Pollution Compensation) system, with losses estimated at 15 times more than the applicable limit of compensations. This is far above the level of costs for which those responsible for hydrocarbons spills are liable. The highest market losses correspond to sectors of extraction, elaboration and commercialisation of seafood. However, damages to non-commercial natural resources could constitute an outstanding group of losses for which further primary data are needed: these losses would only be compensable under the current system by means of a refund for cleaning and restoration costs. Results show that, in Europe, the responsibility for oil spills in maritime transport is limited and unclear. The consequence of this is net social losses from recurrent oil spills and internationally accepted incentives for risky strategies in the marine transport of hydrocarbons.
Garza
María Dolores
MD
Environmental and Natural Resources Economics (ERENEA) Research Group, Department of Applied Economics, University of Vigo, Spain.
Prada
Albino
A
Varela
Manuel
M
Rodríguez
María Xosé Vázquez
MX
D055884:Chemical Hazard Release / Q000191:economics* / Q000331:legislation & jurisprudence; D035881:Compensation and Redress; D004190:Disasters / Q000191:economics*; D005398:Fisheries / Q000191:economics; D005648:Fuel Oils / Q000009:adverse effects* / Q000191:economics; D006801:Humans; D016365:Liability, Legal / Q000191:economics*; D009792:Oceans and Seas; D013030:Spain; D014195:Travel / Q000191:economics
D005648:Fuel Oils