By Kevin McDonald
The global economic crisis is affecting us all. At a time when purse strings are tight, many of us are evaluating our spending habits and rethinking our budgets. Some people are questioning whether investing in the environment makes sense.
Nature provides a number of critically important economic services for us, including pollution abatement, water supply and groundwater protection, storm and flooding mitigation, and plant and animal habitat.
But when price tags for land are high, is open space a good investment? The benefits are difficult to quantify because some of them are priceless.
Three important benefits that beaches, parks, farmland, wetlands and other natural areas provide to Long Islanders include direct economic investment (tourism), ecosystem services and enhanced quality of life.
Combined, the economic value of parks and open spaces to Long Island is significant. Visitors flock to our world-class beaches, fish in our beautiful ocean and harvest shellfish from our stunning bays and harbors. In fact, tourism is Long Island’s largest industry, generating $4.7 billion annually.
Open space also provides ecosystem services, which economists refer to as “natural systems” or “natural capital.” We know the price of a gallon of gas but when we drive past parks, beaches, fields and forests, it can be difficult to realize the value provided by them.
Take the Long Island Pine Barrens for example, which purify and store trillions of gallons of clean drinking water. Economists rarely place a value on this natural process, but imagine the huge price tag if we had to have all of our water made potable by an elaborate filtration and purification system.
Once impaired, natural systems are difficult and very costly to remediate. One plume of gasoline or oil in the groundwater can cost millions to clean up. The adage “an ounce of prevention is worth a pound of cure” surely applies to the environment and its value to us.
Finally, especially during times of stress, open space provides solace from the busy world. It is the environment that anchors so much of Long Island’s quality of life. We all smile at the sight of a toddler squealing with delight while she bravely runs from tiny waves at the beach, or a father and son fishing together on a dock. How are these experiences valued? Individually they are priceless and collectively they are substantial. And, they are why so many of us love to live here.
To maintain our high quality of life, we must protect the best remaining open spaces. Let’s redevelop communities that are showing signs of disinvestment. Let us never lose appreciation for the value that the environment and its natural systems have, because once they are lost, we cannot get them back.