Article: Valuing nature resource damages: a transatlantic lesson

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Abstract

This paper presents a comparison of the United States natural resource damage assessment regulations for restoration of natural resources, the 1992 International Convention on Civil Liability for Oil Pollution Damage and the International Oil Pollution Fund provisions on reinstatement of environmental impacts caused by oil pollution, and the European Council proposed Directive on environmental damages. The author provides an in-depth description of the natural resource regulations for both hazardous substances and oil pollution events and demonstrates, through case examples in the United States, how the approach to determining natural resource damages has evolved in the United States from a focus on recovery of economic damages to a claim based upon actual restoration actions. The author also provides a brief discussion of current developments concerning natural resource damages and restoration in the United States and concludes with an analysis of the differences among the three natural resource damages regimes.

 

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