Abstract
Analyses of the relative economic efficiencies of surface-water and groundwater are important for policy-makers in many water-stressed countries. Groundwater is becoming an increasingly attractive and viable option as a supplementary water source, but its economic background must be understood before implementation. Employing the basic frameworks of the British and US Geological Surveys, we examined the economic viability of groundwater monitoring networks in South Korea, based on an analytic hierarchy process (AHP), pairwise comparison, and cost–benefit analysis. The total cost including installation, maintenance and servicing over the next 50 years is estimated to be US$ 0.79 billion, while the benefits are valued at US$ 2.31 billion. The monitoring network should provide benefits worth 292% of the costs, with the monitoring project thus clearly being economically viable. A sensitivity analysis indicates that the monitoring project is still economical, even if the network installation schedule is delayed slightly. As this study combines both economic and scientific perspectives, it might provide a concrete economic background for implementing groundwater utilization projects elsewhere.
Highlights
Water is becoming one of the most pressing societal and geopolitical issues for sustainable development in some Asian regions
One of the main objectives of this study is to investigate the economic feasibility of groundwater monitoring networks which require the lion’s share of the national budget in completing the long-term groundwater supply project; that is, the economic value of the information acquired from the networks is analysed with respect to its cost-benefit relationship, and the adequacy of the evaluation is reassessed through a sensitivity analysis
In step 3, we examine the economic validity of the groundwater monitoring networks by comparing their benefits and costs
Summary
Water is becoming one of the most pressing societal and geopolitical issues for sustainable development in some Asian regions. It is projected that more than 40% of the world’s population will be living in seriously water-stressed areas by 2035, with the availability of ecosystems to provide fresh water becoming increasingly compromised [1]. United Nations University [1] warned that only 60% of water demand will be met by existing resources in the South and Southeast Asian regions by 2030. The effectiveness of water management varies among countries, and rapid development of groundwater resources would be needed in most countries for them to become a viable water source. Groundwater is part of an overall hydrologic system including surface water, and is important in supplying water for irrigation, manufacturing and for other uses.
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