Fisheries economics and trade
Greencastle Harbour Cost Benefit Analysis Ireland
Department of Marine and Natural Resources - Project Dates:
October 2005 - October 2005
Description of Project:
Greencastle is an important and strategically placed harbour in the North of Ireland and home to an important component of the Irish whitefish trawl sector fishing the ICES Areas VI and VII, as well as an important base for the Lough Foyle mussel dredging sector. Plans have been submitted to DCMNR for an expansion in the ports facilities.
Poseidon completed a cost benefit study of a proposed Euro 35 million investment in Greencastle harbour to alleviate problems of congestion. With costs already identified from previous engineering studies, all benefits were identified through stakeholder consultations. These included safety improvements, time savings, fish quality improvements, provision for expansion of the mussel dredging fleet, reduced travel costs, increased foreign vessel landings, and other non-fisheries sector benefits. NPVs were calculated for different options regarding the phasing of investment, and a sensitivity analysis completed to assess key risks and assumptions.