Land Reuse And Cleanup
Land cleanup improves human health, natural ecosystems, aesthetic and recreational values, and the productivity of the land itself, all of which benefit society. Land that has been cleaned up and restored can be put to better use, leading to greater efficiency and a better quality of life for the community. BCA is a method for comparing the societal advantages of cleanup with the associated costs. Economic Study is distinct from BCA, which examines environmental policy’s benefits and costs. According to EIA, the impact on jobs, taxes, and other macroeconomics factors can be estimated.
It is difficult to deal with the economic principles of land cleaning and reuse. There is a wide range of toxins, media, and site characteristics in EPA cleanup programmes. As a result, extrapolating generalizations from a single instance is challenging. When it comes to environmental contamination and cleanup, the timeline can be long. There is a risk that contamination may have started long ago, making it difficult to accurately measure the economic impact. There is a wide range of variation in the magnitude and type of spatial effects. Finally, there are almost always difficult informational issues to contend with. When a high-profile contamination event occurs, stigma can be an issue. Asymmetrical availability of information by landowners compared to potential buyers can also result in information issues.
When it comes to air quality, risk assessments have been used to estimate the value of environmental regulation, but this isn’t how the rewards of land cleanup are typically calculated. It is instead the property value & stated preference (survey-based) methods that have been used in economics, including contributions from NCEE. According to the EPA guidebook on the benefits of land remediation and reuse, the relevant literature is summarized and explained.
The house value approach has played a significant role in the literature on valuing the benefits of land cleanup. This work has estimated the benefits of the Superfund remediation programme, the brownfields programme, and the cleanup of underground storage tanks. According to the vast majority of studies, house prices decline in the immediate aftermath of a contamination event and then recover. Changes in property market participants’ perceptions of impacts on human health, the ecosystem, or aesthetics are reflected in these shifted values. Site cleanup “capitalization” may differ from willing to spend for cleanup based in part on how long it has taken the affected population to change their demographics. Also Read A New Report From The American Lung Association Claims That Changing Climate Will Make It More Difficult To Safeguard Health
Studies of stated preferences have also looked at the likely effects on property values of Superfund & underground storage tank cleanups. Survey experiments were used in this study to find out how willing participants were to pay for semi goods.
Despite a paucity of research directly connecting land pollutants and cleanup to improved human health, one notable study explores the effects of Superfund cleaning on infant well-being. Regulations enforced by the Environmental Protection Agency (EPA) to reduce the possibility of pollution incidents are often measured by the money saved by not having to clean up afterward.