A study endeavouring to put a price on Bermuda's coral reefs is expected to be completed in June.

An international team is surveying the ecosystem in an attempt to find its monetary Total Economic Value (TEV). If approved by Parliament, penalties of thousands of dollars could then be levied against any marine users who damage the coral.

The ten experts from Bermuda, the UK and the Netherlands who are working on the two-year project are also employing data from the Bermuda Institute of Ocean Sciences (BIOS) and Conservation Services.

The $180,000 project is funded by the UK Overseas Territories Environment Programme (OTEP). It has also benefitted from a recent grant from the XL Foundation.

Revealing the expected June completion date, a spokesman for the Department of Conservation Services said yesterday: "By placing a monetary value on the wide range of services that our reef system provides us, the department hopes this study will raise awareness of the benefits of coral reefs including tourist revenue, commercial and recreational fishing, physical coastal protection, amenity value to real estate, and quality of life.

Richard Winchell, a member of the steering committee overseeing the study said: "Embarking on a study such as this in Bermuda is a first in making us aware of what services the environment provides us with and which, if destroyed, will require us to have to pay out unimaginable sums to replace it. By carrying out this study and applying a value to the ecosystem, we will be able to make more balanced decisions on developments when they impact an ecosystem. In other words, how much can we take from nature without having to pay out too much in the future for our own protection, our own good?"

The study's results will provide key data for future cost benefit analysis for marine developments and a model for future economic valuation studies in Bermuda and other jurisdictions.