Abstract
Most ecosystem services are regarded as free goods (i.e., priceless). This paper estimates monetary value of the ecosystem services after renaturalizing the navigation channel in the Kreetsand’s area along the tidal section of the Elbe River. The river channel is basically reconnected to its floodplain which is currently grassland. The paper used benefit transfer method whereby values from previous studies are adopted to estimate total economic value of the ecosystem services provided by the study area. The results show that total economic value of the ecosystem services flow at the Kreetsand’s shallow water area is €0.83 million/year. Nevertheless, the value seems to be underestimated due to errors inherited during valuation. After 44 years, the value will accumulate to €36.5 million, which is equal to the project investment cost estimated to be around €36.6 million. Based on the cost-benefit analysis results for the project, it is concluded that river renaturalization is the best option because it increases ecosystem services flow. The paper recommends that a similar study should be conducted to include more ecosystem services and ecosystem goods such as fish and water used for industrial purposes.
Highlights
Ecosystem goods and services are vital resources for sustaining life on earth [1]; they contribute to human well-being directly and indirectly
Economic value of aesthetic information and existence value of biodiversity were transferred from the Elbe to the Kreetsand’s shallow water area, under two assumptions: (a) the same population from three catchments would be willing to pay for the Kreetsand’s shallow water area creation and (b) stated values are influenced by the size of the area
The results indicated that the total economic value of the Kreetsand’s shallow water area ecosystem services in monetary terms was underestimated
Summary
Ecosystem goods and services are vital resources for sustaining life on earth [1]; they contribute to human well-being directly and indirectly. In addition to the above, ecosystem degradation and its associated decrease in flow are linked to ignorance on values of the natural capital and which ecosystems contribute to human well-being. This is a result of the ecosystem services being regarded as free goods [2,3,4,5]. Ecosystems are thought to have no contribution in terms of quantifiable economic indicators, and they are often invisible in decision making concerning land management options Their utility contribution to human well-being cannot be denied, and their demand always exists [2, 4, 7]. There are arguments that we should protect ecosystems services for moral and aesthetic reasons, there are many other reasons; we need to evaluate ecosystem services to guide our choices and decisions [2]
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