Economic Assessment of the Impacts of Hurricane Gustav on Coastal Mississippi Marine Industries

An assessment of seafood processors, dealers, marinas and livebait dealers is currently ongoing in Coastal Mississippi to determine the level of economic losses sustained as a result of Hurricanes Gustav and Ike. The devastation by these hurricanes has created an urgent and compelling need to complete damage assessments in the affected areas in as short a period as possible. The overall goal of this project is to assess the economic damages associated with Hurricanes Gustav and Ike to the seafood processors, dealers, marinas and livebait dealers in Coastal Mississippi.

Economic Recovery of Mississippi Marine Industries

In 2003, The total ex-vessel value of commercial fisheries landings was $46 million while the total plant-gate value of commercial seafood processing production was $338 million. The recreational fishing industry which includes saltwater and freshwater fishing produced a total economic impact of $463 million in 2001. The results of the economic assessment conducted after Hurricane Katrina indicated massive devastation of all the sectors included in the survey.

Economic Assessment of the Impacts of Hurricane Katrina on Coastal Mississippi Marine Industries

An assessment of seafood processing plants and seafood dealers, livebait boats and dealers, marinas, commercial fishing, for-hire charter and recreational boating fleets was undertaken in Mississippi to determine the level of damage sustained as a result of Hurricane Katrina and Hurricane Rita. The assessment, to the extent possible, identified all facilities and boats in the affected areas that existed prior to the hurricanes, identified original physical characteristics (number of buildings, boats, and facilities, types and quantity of equipment) and production levels for these operations, and provided an estimate of the cost of rebuilding or repairing the facilities structure and equipment to their pre-hurricane state so that harvesting and processing of seafood products can resume.

For further information, contact Dr. Ben Posadas, Associate R/E Professor of Economics