we have evaluated in some
detail the cost both for Britain and for France, in terms of 1967 prices, 5 of the
Torrey Canyon grounding. The cost data derived are subject to fairly wide”
errors bars and are to be viewed as approximations only to the real costs
involved. Furthermore, it proved impossible despite careful application to
attribute monetary valuations to the ecological damage sustained as a consequence
of Torrey Canyon oil. Nevertheless, a number of important policy
implications appear to flow from the ‘cost of damage’ estimates and therefore
the cost data are reported in this study as table 1