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Abstract
ABSTRACTThis article assesses the economic impact of implementing a public buyback of groundwater rights to eliminate non-renewable pumping in the Murcia Plateau of the Spanish Segura basin, home of some of the most depleted aquifers in Europe. We find that, regardless of the policy instrument applied, stopping non-renewable extraction would severely hit the agricultural sector. The buyback of rights would not prevent this impact but the cost of reducing extraction would be borne by the government instead of farmers, making it a potentially more successful alternative. However, the estimated cost for the public budget is very large and probably unaffordable.
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