Study: BP oil spill may cost Gulf Coast $22.7 billion in tourism
Created 7/23/2010

A new study has shown that the BP oil spill may end up costing the Gulf Coast $22.7 billion in tourism over the next three years.

The study, a joint project undertaken by Oxford Economics and the U.S. Travel Association, used 25 historical disasters as a model for figuring out the potential damage done to the Gulf by the current crisis. Both parties called on BP to fund a $500 million dollar marketing campaign designed to restore travelers' faith in the region, which they said could mitigate the losses by $7.5 billion.

"Travel is a perception business, and the impact of disasters like the BP oil spill on the industry is actually predictable," said Roger Dow, president of U.S. Travel. "We know from this research that the oil spill will have long-term effects on businesses and jobs in the Gulf Coast region unless we counteract the usual course of events with an unprecedented response."

The Gulf Coast region is heavily dependent on tourism, with an estimated 400,000 jobs in the area tied to travel.

Those who were caught off-guard by the BP oil spil could have benefited from a travel insurance policy with a "cancel for any reason" policy. Purchasers of this plan can use it in order to cancel and change their trip plans at any time without fear of negative fiscal impacts.

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