Cost of vessel traffic accidents

The study examines the adverse effects and costs of vessel traffic accidents, based on domestic and international sources. The end result of the work is a determination of the average costs of accidents in Finland in terms of the three most common types of accident, which are: running aground and bottom contact, vessel collisions, and collisions with fixed structures. The determined accident costs include material damage, personal injuries, oil-spill combating costs, and costs of other official services. In addition, the study presents methods for determining the costs to nature, fishing, tourism, and recreational use of areas from accidents that result in oil spills. In Finland, there are 30-40 vessel traffic accidents per year. The most common causes of accidents are human error and external factors, such as strong winds and ice conditions. Fairway maintenance shortcomings are very rarely a cause of accidents. Vessels generally suffer minor damage from accidents. The average cost of accidents is 0,3-1,7 million euros, depending on the type of accident and vessel. Average costs can be utilised particularly in project evaluations of waterway investments aimed at improving vessel traffic safety. This requires project-specific risk analysis. In Finland to date, there has been no large oil-spill accident. The total cost of such an accident can be up to tens of millions of euros. For this reason, in project evaluations the risk of a major accident and its possible impacts should be examined separately. This report may be found at http://portal.fma.fi/portal/page/portal/fma_fi/tietopalvelut/julkaisut/julkaisusarjat/2008/Alusliikenteen_onnettomuuskustannukset_2008.pdf