Perception Of Florida Oil Spill Damage Hurting Businesses
July 27, 2010 by · 225 Comments
The BP oil spill may cause loses in excess of $22.7 billion in revenue over the next three years, according to the head of one tourism association.
The president and chief executive officer of the U.S. Travel Association provided the estimate in testimony for a hearing. The figure comes from Oxford Economics, a U.K. consulting firm, and was modeled on 25 earlier disasters, including oil spills, hurricanes and terrorist attacks.
This prediction goes beyond the $20 billion BP has placed in escrow to help pay oil spill damage victims.
BP has stated its intentions to pay all “legitimate” oil spill damage claims, and that it will increase escrow funds as needed to pay out such claims.
Beaches in the state of Florida are currently generally without oil spill damage.
However, the state suffers more from a perception of a problem, that Florida beaches have suffered damage.
The chief operating officer for a Florida resort company testified that call volume from potential visitors was down by 25% since before the BP oil spill started.
Photo by: Sky Truth
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