Mississippi-Alabama Sea Grant Consortium Engagement - Marine Disaster Economics Outreach

Objectives

• Develop economic recovery models and estimate damages to marine sectors impacted by natural and human-made disasters, harmful algal blooms, trade wars, recessions and the global pandemic. 
• Develop economic impact models and estimate annual economic contributions of marine sectors to state and regional economies.

Methodology

Economic recovery models measure the individual and collective economic impacts of recent natural and human-made disasters, harmful algal blooms, trade wars, recessions, and the global pandemic to recreational and commercial fishing and marine sectors. The economic contributions of the seafood industry include economic activities generated from commercial fishing, seafood processing, seafood wholesaling, seafood importing, seafood and fish markets, and seafood restaurants. Results of these analyses will be distributed through short reports, videos, and newsletters posted on the MSU website and affiliated social media pages.

Rationale

To understand the magnitude and duration of the individual and collective economic impacts of recent natural and human-made disasters, harmful algal blooms, trade wars, recessions and the global pandemic to recreational and commercial fishing and marine sectors. Multi-year baseline economic information about each industry are currently being compiled from various secondary sources. Econometric analyses 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 performed on a region-wide basis state by state and species by species. The economic contributions of the seafood and marine sectors are vital information that commercial fishermen, seafood processors, charter boat captains, and workers and owners of marine businesses are necessary to demonstrate the significance of these sectors to the regional economy.