Friday, January 10, 2014

Costa Concordia: Economic Impact

Last Friday (January 10, 2014) Costa Crociere and Titan-Micoperi held a press conference in Rome to update the status of the removal of the wreck of Costa Concordia. This is part of the information distributed there.
Index of other information distributed


The removal of the wreck of the Concordia is the most daunting salvage ever attempted on a ship of its size also in terms of the deployment of financial resources on an unprecedented scale. The project is funded entirely by the private sector and not one cent of public money is being spent.

A study commissioned by Costa Crociere and conducted by Politecnico of Milan measured the economic impact of the Concordia salvage project and evaluated direct expenditure incurred by the Company (as at September 13, 2013), with a breakdown by country of origin of the different suppliers involved in the operation. It transpired that the project has been a great booster for the economy both locally and nationally.

Italy has attracted the lion’s share of this stimulus, with almost 60% – approximately 261 million euros – of direct spending on the project. Italy is followed by the USA (20.86%), the UK (11.98%), the Netherlands (3.75%) and Germany (2.58%).

It is estimated that the GDP generated by the recovery project in Italy is worth almost 540 million euros.

This figure was calculated taking into account the direct impact, impact on allied industries, place of residence and transport. Therefore, the salvage operation has indeed been a great booster for the Italian economy both nationally and locally.