Question

In: Economics

well known environmental disasters and provide a summary of what occurred, what was the harm, and...

well known environmental disasters and provide a summary of what occurred, what was the harm, and what the consequences were for the company involved:
1) Exxon Valdez

Solutions

Expert Solution

Exxon Valdez was one of the worst oil spill in the U.S. History. It was manmade disaster by Exxon Shipping Company who spilled 11 million gallons over Alaska's Prince William Sound. This massive disaster happened in the midnight of 24 March 1989 when Exxon Valdez left the port from Alaska and the ship carrying 53 million gallon hit the Bligh Reef, Navigator Hazard in Prince William's Hazards. The collusion between Ship and Bligh Reef tored open the Ship's hull causing 11 million gallons of oil to spill down in water affecting entire waterbody system. The Oil Spill eventually covered 1300 miles of coastline.

After Investigation, the real cause and culprit behind this is known. This happened due to ignorance, negligence, carelessness, irresponsible act of Joseph Hazalwood who is the Captain. He indulged himself into drinking and handed the command to unlicensed third mate the responsibility of massive ship.

Exxon company paid $2 billion and $1.5 as clean up cost and habitat restoration (environmental impact) . 11000 Alaska people indulge in cleaning up the oil stick and skimmed up the oil from water. Technology being used including burning, chemical Dispersents, hot water/cold water pressure, manual and mechanical measures being used.

This happening Impact the environment and Economy. Prince William Sound is immaculately clean wilderness area. This disaster take major toll over natural habitat. It killed an estimated 250,000 sea birds, 3,000 otters, 300 seals, 250 bald eagles and 22 killer whales. This disaster not only affected the natural habitat that is plants and water body species but in fact economically after the individual indulge in coast line and fishermen who become bankrupt and insolvent. Reports thus formed in estimation of economic loss from Exxon Oil Spill comes out to be approz $2.8 billion.

​​Tourism industry deeply affected. It too not recovered till now as vacationers think this area still contaminated. The cost of rehabilitation of wildlife and Rejuvenation of plants habitat is huge. It caused long term environmental damage.

From this incident, we learnt that oil restoration is impossible task and most hazardous economically and environmental.

​​It's required to take precautions in hands and reduces the chances of oil spill as much as possible. Best safety measures to be adopted to avoid further such happening.

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