Innovation in economic analysis and evaluation approaches for coastal protection and restoration investments in the Caribbean
Coastal zones are among the most economically productive areas of the world. However, they are also among the most vulnerable regions to disasters triggered by natural hazards. Recent recognition of the role of healthy coastal and marine ecosystems for reducing vulnerability in coastal communities has led to the design of coastal management strategies that incorporate direct investments in these ecosystems. However, there is a lack of knowledge and understanding of the economic benefits of coastal and marine ecosystems for society, which has led to the degradation of these ecosystems and hindered the prospects of sustainable investments in coastal resilience projects, including green infrastructure.
In this paper, we analyze the economic importance and ongoing threats of the main marine and coastal ecosystems of the Wider Caribbean region, and identify the underlying economic causes of their deterioration. The need to improve coastal resilience in the Wider Caribbean has led to innovative approaches for the protection of coastal zones and their population from erosion and flood risk, prioritizing the role of marine and coastal ecosystems for coastal protection and vulnerability reduction in coastal communities.
Based on this review, we develop an analytical framework for economic analyses and impact evaluations of coastal restoration and protection programs, with the objective of allowing practitioners to properly identify the cost-effectiveness of nature-based solutions for coastal resilience.