Economic Evaluation Of Oil Spill
Region: Europe
Country: Turkey
Date: 1994
Funded By: Private Client
Following an oil spill in the Bosphorous, Turkish fishermen presented a claim for compensation for loss of revenue and clean-up costs to fishing boats and gear. MEP provided expertise to assess the clean-up costs associated with the spill. A fisheries economist then used various econometric techniques to build a model of fishermen's revenues. The difference between forecast and actual revenues from the model was attributed to the oil spill, and a figure for compensation agreed.