27 June,2017 06:27 AM IST | Sydney | Agencies
Australia's under pressure Great Barrier Reef is an asset worth $42 billion and as an ecosystem and economic driver is 'too big to fail', a study said Monday
Australia's under pressure Great Barrier Reef is an asset worth $42 billion and as an ecosystem and economic driver is 'too big to fail', a study said Monday.
The World Heritage listed reef is the largest living structure on Earth and its economic and social value was calculated for the first time in the Deloitte Access Economics report commissioned by the Great Barrier Reef Foundation.
Using economic modelling, it said the reef bigger than Britain, Switzerland and the Netherlands combined was worth Aus$29 billion to tourism, supporting 64,000 jobs.
Great Barrier Reef Foundation director Steve Sargent said, "At $42 billion, the reef is valued at more than 12 Sydney Opera Houses. This report sends a clear message that the Great Barrier Reef as an ecosystem, as an economic driver, as a global treasure is too big to fail."
