From Envirowiki

In order to understand costs of invasive species, there must be collaboration between disciplines. However, attempts to gain support for the management or control of invasive species from the government and the general public are often difficult due to the lack of understanding between the immoveable link between nature and economy. Invasive species threaten biodiversity and ecosystem processes, which are directly tied to economic losses (For example: crops, forests, fisheries, and grazing capacity.

There are three main economic costs that are a result of biotic invasions. The first: loss of potential economic output: reduction of crop production and decrease in domesticated animal and fisheries survival, fitness, and production. The second: the cost of managing the invasive species (quarantine, control, and eradication). Lastly, the management costs of biotic invaders that threaten human health. It is estimated that United States agriculture spends about $27 billion per year on non-indigenous pests. When all costs are combined, it is estimated that the United States spends over $138 billion per year on combating invasive species.

A way in which the United States could reduce the financial damages is to apply economic tools more often, such as cost-benefit analyses when considering whether or not to import species for a perceived economic benefit. Ecological Society of America predicts that cost-benefit analysis of intentionally introduced biotic invaders would illustrate that their costs to society outweigh any realized or perceived benefits. Cost-Benefit analysis, referred to as Regulatory Impact Analysis (RIA) by the EPA, is also used to determine efficient levels of pollution.

[edit] Sources

• “Biotic Invasions: Causes, Epidemiology, Global Consequences and Control” by Ecological Society of America