Economists have now put a money value to one of the richest areas of world’s biodiversity: the great barrier reef.
Economic analyst firm Deloitte Access Economics, on the basis of a request from the Great Barrier Reef Foundation, has valued it at A$56 billion ($43 billion).
The valuation considered the reef as an asset that supports tens of thousands of jobs and contributes A$6.4 billion to the economy.
“Valuing nature in monetary terms can effectively inform policy settings and help industry, government, the scientific community and the wider public understand the contribution of the environment, or in this case the Great Barrier Reef, to the economy and society,’ said the Deloitte report.
As the oceans get warm and acidify due to the effect of global warming and climate change, it will affect the services offered by the reef, posing a direct threat to the regional economy, the report says.