TACOMA, Wash. - Months before the B.P. oil rig disaster, a Tacoma group was working in the Gulf Coast region to determine the potential financial impact of restoring the Mississippi River Delta. Earth Economics did a similar study of Puget Sound in 2008.

The group's executive director, economist David Batker, says they evaluated water supply, food production, flood protection, recreational value and other characteristics of the environment as goods and services, and put price tags on them that governments and businesses could understand.

"What's important here is that we've never looked at the Puget Sound basin, or other natural systems, for the full economic value they provide to us. By treating them as economic assets, we realize it's worth an investment - a big investment."

Even without the oil spill, the Delta was in bad shape, says Batker. Hurricanes and oil pipelines have degraded the wetlands that provide flood control and wildlife habitat. The costs of restoration are high, however, and it makes sense to know if they're worth it.

"What we calculated as the net benefit of restoration, large-scale restoration in the Mississippi Delta would be $62 billion. That's important because it justifies both federal and state funding for restoration projects."

The Earth Economics report concludes that the total value of the Mississippi Delta and its assets is at least $330 billion, which is more than the total company value of B.P. Batker says the lesson for industry may be that ignoring environmental consequences can be just as devastating to a company's bottom line as financial mismanagement.

The report, "Gaining Ground," is online at www.eartheconomics.org.