Who pays for the damage caused by oil spills?
• An oil spill, particularly a large one, can result in serious and long-term economic repercussions on the coastal communities of the affected area, particularly in regions which are heavily depending on coastal and marine resources. Fisheries (including fish farming and shellfish) and tourism are the two sectors that are likely to suffer the most. Also, it is a shock and a cause of great sadness and distress for people who see their shores get destroyed by oil, even if the area can eventually be cleaned. Thus, the concept of “paying” is not just a question of money. • When it comes to paying in terms of giving economic compensation for the damage caused by an oil spill from a tanker, there is an internationally agreed system of compensation. But ultimately, the costs will to a great extent be carried by nations, coastal municipalities, and individuals.
