Gulf coast property values expected to plunge because of the oil spill

The spill could cost 195,000 jobs and nearly $11 billion in revenue to Florida Gulf Coast counties alone, according to a forecast released Tuesday by University of Central Florida economist Sean Snaith, director of UCF’s Institute for Economic Competitiveness.

The institute noted the effects of the spill could have far-reaching effects across the entire state. Florida officials have started an advertising campaign to provide tourists with information about the spill and advocate unaffected parts of the state.

The disaster could cost insurers between $1.5 billion and $3.5 billion, according to a Moody’s Investors Service in a report last month.