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Cruise News for the Corporate Travel Professional

January 2014 Edition

Costa: Economic Impact of Concordia Wreck Removal

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The removal of the wreck of the Concordia is said to be the most daunting salvage ever attempted on a ship of its size, according to a statement released today, which went to point on the wreck's benefit to the economy.

The project is being funded entirely by the private sector and not one cent of public money is being spent according to the cruise line.

"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," said the statement. "It transpired that the project has been a great booster for the economy both locally and nationally."

The release went on to state:

"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."