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Thu February 13, 2014
Businesses Lose $61 Million Because of Elk River Spill
A local research group has calculated that roughly $61 million was lost by local businesses as a result of the chemical spill into the Elk River.
The Center For Business and Economic Research at Marshall University conducted a preliminary investigation on the impact of the January 9th chemical spill into the Elk River. They wanted to see what the loss of water and the subsequent closing of restaurants and other businesses meant to the economic climate in the 9 counties effected by the water ban. And what all that meant for those that live on tips and pay-checks from week to week.
- That for each day that the ban was fully in place $19 million was lost.
- For the two business and weekend days, that number equals close to $61 million.
- That's 24 percent of the economic activity in the 9 county area.
- Nearly 75,000 workers were effected, which represents 41 percent of area workers.
According to CBER the high number is indicative of the type of businesses that were most affected, restaurants, bars and the like and the lower-wage, service-producing personnel that work at those facilities. She said it will take a while before even the businesses know what the ban will mean long-term.
The estimated $61 million lost does not include the cost of cleaning up the spill or any emergency funds spent during spill.