An Evaluation of the Impact of Harmful Algae Blooms on the Coastal Tourism Economy of Florida
Harmful algae blooms (HABs) occur across the globe and can have multi-faceted impacts on tourism. However, little is known in terms of the true magnitude of losses to the tourism sector as a result of HABs. This study is based in Florida, one of the most notorious sun, sand, and sea destinations in the western hemisphere, where blooms of an algae known locally as ‘red tide’ are a recurrent threat to coastal tourism. The approach develops a panel data framework that combines sales by tourism-related businesses with a HAB surveillance database. The panel is used to estimate time and space fixed-effects regressions to recover parameters interpreted as the loss of one additional day of red tide. The loss to tourism-related businesses due to the 2018 Florida red tide bloom was estimated to be $2.92 billion USD, suggesting that HABs and their impact on tourism should be considered as a ‘billion-dollar’ disaster
Year of publication: |
[2023]
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Authors: | Alvarez, Sergio ; Brown, Christina E. ; Garcia-Diaz, Marc ; O'Leary, Heather ; Solís, Daniel |
Publisher: |
[S.l.] : SSRN |
Saved in:
freely available
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