The economic benefit of the coastal improvement project in Korea

Coastal area is now regarded as a highly valuable environmental asset and provides important space for human life. Nowadays, almost all countries with a coastline have a deep interest in finding the most appropriate and sustainable management of their coastal resources and ecosystems. Most of the nation´s coastal areas are now experiencing environmental pressure and they are under threat from a diverse a range of destructive forces. Thus, this study aims to enhance effective use of coastal resources by analyzing economic benefits of the costal improvement projects, a representative public project in coastal areas of Korea. Main results of the study are as follows: First, the study identifies benefit and cost factors on the costal improvement projects, such as coastal erosion prevention effect and various coastal ecosystem services. Second, this study assess the economic benefits on the coastal improvement project in Korea. Economic effect of the project can emphasize the point that coastal environment is important resource as a national asset by showing the benefits from recreation activities and by illustrating the importance of natural services provided by the coastal environment in monetary terms. Finally, the findings herein contribute to providing policy-makers with useful methodological framework and quantitative information in the decision-making process related to costal management policy.