The economic impact of BP spill on Florida and U.S. economy
May 28, 2010
– Comments (9) |
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, XOM
, DIS
Everyone was in a panic when Greece was unable to pay its debts and was on the verge of going under economically as a country. Greece's GDP is less than half of that of the GSP of the state of Florida. As the BP spill makes its way onto the coasts and into the waters, it appears inevitable that this will have a devestating effect on the beach, fishing waters and general property value of large parts of the state of Florida. This is a state that already is hindered by severe property value depreciation and high debt loads. Now valuable ocean-front property that traditionally holds its value much better than inland real estate will now be devalued. Many jobs will be lost. Many businesses will be ruined. Unless the government and/or BP is forced to open up the checkbook and pay for it, this could have just as terrible economic impact as it has an environmental impact.
That's just Florida.....not to mentioned Louisiana, Mississippi and the entire lower East coast if the oil catches into the major currents and it dragged all the way up the coast as it is expected to.
I think this thing is a much bigger monster than Greece and it's exposure. It will take years before the damage is even fully known, I think, but I think it's fair to say that it will be measured in 10s and 100s of billions of dollars of impact.
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