Ocean economy brings in €1.2bn to state coffers
IRELAND'S ocean economy is worth €1.2bn to the country, a new report has found, writes Caroline Crawford.
The report from NUI Galway's Socio-Economic Marine Research Unit (SEMRU) found that the sector had a €3.5bn turnover in 2010 and provided up to 16,300 jobs.
Stephen Hynes, director of SEMRU, said that up until recently there had been a failure to recognise the potential of the marine economy in Ireland.
"This attitude is changing, however, and we now have, for the first time ever, an Integrated Marine Plan for Ireland."
An Economic Impact Assessment by SEMRU and the Whitaker Institute in NUI Galway found that the Volvo Ocean Race stopover in Galway in 2012 resulted in a €60.5m benefit.