REGION-WIDE ECONOMIC BENEFITS IN THE LAKE ERIE REGION EXPECTED IF PHOSPHORUS/HARMFUL ALGAE REDUCTIONS ARE ACHIEVED
Benefits to: beach-goers and recreational anglers, property owners, and water treatment plants
Where: University of Toledo Lake Erie Center 6200 Bayshore Rd. Oregon, Ohio 43616
When: August 14 at 11:30 am. A webinar will follow the press conference and presentation at 12:30. Register for the webinar here:
TOLEDO, OHIO, AUGUST 14, 2019 – A presentation of the economic study funded by the City of Toledo, Lucas County and the City of Oregon, Lake Erie Ecosystem Services Assessment: Economic Benefits from Phosphorus Reductions, by Key Log Economics will be presented at the University of Toledo Lake Erie Center on Wednesday, August 14, 2019. The study sheds light on economic benefits (and avoided costs) associated with phosphorus/algae reductions. “Knowing economic costs of the harmful algal blooms will help government to understand the need to speed up management and policies to reduce the blooms” said Lucas County Commissioner Tina Wozniak Skeldon. The study uses the Great Lakes Water Quality Agreement (GLWQA) target 40% reduction and other levels of phosphorus reductions to assess potential economic benefits associated with reducing harmful algae. Specifically:
Achieving the GLWQA 40% phosphorus reduction goal would result $117.0 to $436.9 million for Lake Erie’s recreational anglers.
A 20% reduction in spring soluble reactive phosphorus loads from the Maumee River would result in an annual benefit to Lake Erie’s recreational anglers of $44.4 to $154.7 million.
A 30% reduction in the number of water quality advisories and beach closure days for Lake Erie’s beaches would result in benefits ranging from $37.7 to $42.5 million.
A 20% reduction in the number of water quality advisories and beach closure days would result in benefits ranging from $24.8 to $27.7 million.
Potential annual reductions in the incremental operating costs associated with the treatment and monitoring of algae of up to $2.6 million a year for water treatment plants sourcing water from Lake Erie.
Avoidance of property value losses ranging from $685.9 million to $1.1 billion for households next to and near the lake, respectively, if drinking water standards for microcystin are met.