Economic and Personal Impact
In 1991, following the collapse of the local marine population (particularly clams, herring, and seals) the Chugach Alaska Corporation, an Alaska Native Corporation, filed for Chapter 11 bankruptcy protection. It has since recovered.
According to several studies funded by the state of Alaska, the spill had both short-term and long-term economic effects. These included the loss of recreational sports, fisheries, reduced tourism, and an estimate of what economists call "existence value", which is the value to the public of a pristine Prince William Sound.
The economy of the city of Cordova, Alaska was adversely affected after the spill damaged stocks of salmon and herring in the area. Several residents, including one former mayor, committed suicide after the spill.
Read more about this topic: Exxon Valdez Oil Spill
Famous quotes containing the words economic, personal and/or impact:
“But I would emphasize again that social and economic solutions, as such, will not avail to satisfy the aspirations of the people unless they conform with the traditions of our race, deeply grooved in their sentiments through a century and a half of struggle for ideals of life that are rooted in religion and fed from purely spiritual springs.”
—Herbert Hoover (1874–1964)
“Take two kids in competition for their parents’ love and attention. Add to that the envy that one child feels for the accomplishments of the other; the resentment that each child feels for the privileges of the other; the personal frustrations that they don’t dare let out on anyone else but a brother or sister, and it’s not hard to understand why in families across the land, the sibling relationship contains enough emotional dynamite to set off rounds of daily explosions.”
—Adele Faber (20th century)
“The question confronting the Church today is not any longer whether the man in the street can grasp a religious message, but how to employ the communications media so as to let him have the full impact of the Gospel message.”
—Pope John Paul II (b. 1920)