Non-market valuation of environmental impacts for biosecurity incursion Cost Benefit Analysis: A guidance manual for public policy

Abstract

The primary purpose of this guidance is to contribute to evidence-based decision making within biosecurity response, by enabling response staff to incorporate monetary values of environmental impacts into biosecurity Cost Benefit Analyses (CBA). While some attempts have been made to incorporate monetary estimates of environmental impacts into biosecurity response CBA, the typical approach has been to evaluate commercial impacts and qualitatively describe environmental values at risk. However, in an ideal response decision framework, the value of these environmental impacts would be included. In the absence of value estimates, environmental resources may be implicitly undervalued and decisions regarding their use and stewardship may not accurately reflect their true value to society. In practical terms, any CBA omitting relevant values will be incomplete and may lead to inefficient response resource allocation. While quantitative estimates are preferred in CBA whenever possible, qualitative assessments should also be used.