Economic and Personal Impact
In 1991, following the collapse of the local marine population (particularly clams, herring, and seals) the Chugach Alaska Corporation, an Alaska Native Corporation, filed for Chapter 11 bankruptcy protection. It has since recovered.
According to several studies funded by the state of Alaska, the spill had both short-term and long-term economic effects. These included the loss of recreational sports, fisheries, reduced tourism, and an estimate of what economists call "existence value", which is the value to the public of a pristine Prince William Sound.
The economy of the city of Cordova, Alaska was adversely affected after the spill damaged stocks of salmon and herring in the area. Several residents, including one former mayor, committed suicide after the spill.
Read more about this topic: Exxon Valdez Oil Spill
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