If the Gulf of Mexico were a country, it would be the 29th largest economy in the world. The four biggest industries that comprise the Gulf of Mexico are shipping, fishing, oil and tourism which account for some $234 billion in economic activity each year.

Two-thirds of that amount is in the United States, with the other third in Mexico. Due to the BP oil spill, these four significant industries are now facing major damage control and developing means of financial recovery.

The Gulf of Mexico Sea Grant college programs guided by a Planning and Review Council has proposed a recovery outline to remedy the Gulf’s four substantial industries.

As of June 2010, at least fourteen groups are incorporating the Gulf of Mexico Research Plan (GMRP) in their strategic planning and/or request for proposals, which have been used to fund millions of dollars of research towards clean-up and restoration activities to help repair the following industries:

SHIPPING

The financial impact on the shipping industry is still small, but it does factor in the impact that a shut-down in shipping could have, which has the potential to halt grain and other cargo from traveling up and down the Mississippi River.

According to the Port of New Orleans, no disruption in shipping is foreseen as of yet. The Coast Guard has set up five washing stations for ships to get scrubbed if they come into contact with the oil, but so far none have been used, said a port spokesman.

FISHING

Fishermen are perhaps the most directly impacted by the spill. The government has already closed over 25% of federal waters for fishing activities and many of them are out of work, further agitating the already elevated unemployment rate in the U.S.

This has also had a very negative impact on the seafood industry that has suffered devastating losses as businesses have closed and the supply and quality of safe seafood in the Gulf is forever impacted.

To assist in recovering the fishing industry, an assessment must be made of the economic losses to commercial fishing interests. Experts will also examine the impacts on commercial, for-hire and recreational fisheries if recruitment levels of targeted species are affected.

Research will be needed to determine the effects of oil and chemicals on fisheries to inform how to expedite reopening fisheries. From here, researchers can estimate when different types of fisheries will rebound to levels prior to the spill.

OIL AND GAS

In an ironic twist of fate, the most substantial source of income in the Gulf is generated by the oil and gas industry, and it may ultimately be the one industry that suffers the most losses.

Oil and gas interests generate $124 billion or 53% of the total money, according to Jim Cato, a former economics professor at the University of Florida.

Not to mention the moratorium on drilling has the potential for lost income of about $57.7 million per month. Each day the moratorium continues more people are laid-off. There have already been as many as 2,000 layoffs. The total could eventually climb to 50,000.

In order for the oil and gas industry to rebound, researchers will start by analyzing the economic costs and benefits of fossil fuels versus alternative and/or sustainable energy. This will also create new and exciting ways to devise a new and improved economy for the Gulf.

TOURISM

Tourism is the second largest industry in the Gulf. About 46% of the Gulf economy, or over $100 billion a year, is generated from tourism dollars.

For tourists, not only is the presence of oil balls on the shores of the beach going to keep them away, but the mere notion that their southern seafood will be tainted or unavailable due to closing restaurants and businesses is also a major repellent.

Tourism will begin to pick up once consumers can rest assured that the delectable food for which they travel is safe to eat and the environment around their hotels is not contaminated.

In order for this to happen, experts will assess the economic impact of the oil spill on beaches and beach resorts and losses to beach-oriented tourism. From here they can examine how the real or perceived degradation of the coast impact tourism and sales tax revenues.

Also by assessing the economic impact on the seafood dealers, restaurants and related industries that depend on fresh seafood, experts can determine what steps need to be taken next in order to assist seafood sales are better than what they were before the spill.