- The total cost to revitalize and replenish the Great Barrier Reef is $60 million
- The recovery package will span across 18 months
- The government claims a multi-billion dollar return on investments
The Great Barrier Reef is the largest living structure in the world and is home to over 1500 species of fish. Now, there’s a $60-million plan to save it from extinction.
Josh Frydenberg, the Australian Minister for the Environment and Energy, proposed a “recovery package” on Monday to “secure the viability of the Great Barrier Reef and the 64,000 jobs that rely on its prosperity.”
Frydenberg claimed that the recovery package will span across 18 months breaking down to four essential components:
- $36.6 million to reduce runoff of fertilizers and pesticides
- $10.4 million to diminish the coral-eating crown-of-thorns starfish population
- $4.9 million on improved monitoring and early warning of issues such as mass bleaching
- $6 million on the new National Reef Restoration and Adaptation program
The government claimed that the $60-million investment towards the Reef is only 0.1% of the estimated return of $56 billion.