A new study says if low water levels in the Great Lakes and St. Lawrence River continue, it could cost Canada and the U.S. more than $18-billion U.S. by 2050.
The Mowat Centre report says water levels in the region fell dramatically in 1997 and 1998, marking the beginning of the longest extended period of lower water levels since tracking began in 1918.
The report says the Great Lakes region accounts for 28 per cent of combined Canadian and U.S. economic activity.
Entitled Low Water Blues and conducted for the Council of the Great Lakes Region, the report says levels have rebounded since last year, but it’s unclear if it is the beginning of a trend.
It concedes that there is much debate about the cause and potential persistence of lower water levels in the basin, but cites research predicting that evaporation will outpace precipitation.
Lake Huron is expected to be by far the hardest hit of the lakes, with property values there predicted to decline by some $612-million alone.
For some homeowners, this will mean restricted access to their properties or beaches. For others, it will mean spending thousands of dollars extending a dock to algae-infested waters that once lapped much clearer, much closer to home.
For some – namely those on Lake Michigan-Huron, where water levels in early 2013 hit a record low – the troubles are already a reality.
From marinas spending more on maintenance to deal with shallower slips to commercial ships facing decreased carrying capacities, lower water levels could have a dramatic negative effect on five sectors the report said were the most vulnerable: recreational boating and fishing; commercial shipping and harbours; hydroelectric generation; rural groundwater; and waterfront properties.
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