Bermuda needs to move forward with the Blue Halo project to create jobs, according to tourism economist Tom Iverson.

While former Premier David Saul has supported Government’s call for further research before making any determination about the future of the Island’s Exclusive Economic Zone (EEZ), Dr Iverson said action should be taken soon given the Island’s current economic challenges.

“If your economy was at full employment, caution is a luxury you could afford,” he said. “With a shaky reinsurance industry and an economic recession, prudence calls for more decisive action, in my opinion.”

Bermuda’s EEZ — which covers almost 186,000 square miles of the Atlantic — was formally awarded to Bermuda in 1996 through the United Nation’s Convention on the Law of the Sea.

Organisations including the Pew Environmental Group have proposed the creation of a massive marine reserve, refered to by supporters as the “Bermuda Blue Halo”, which they believe would protect the environment, create tourism jobs and bring Bermuda international attention.

However opponents of the scheme have argued that establishing a no-take reserve would prevent the Island from pursuing potentially valuable economic opportunities such as seabed mining.

On Friday, Premier Michael Dunkley said that there was not enough information available for the Government to come up with a definitive position, promising an independent feasibility study to look into the potential economic benefits from the proposals.

Dr Iverson recently visited the Island as part of his work with the Pew Environmental Group’s Global Ocean Legacy programme, speaking to decision makers and stakeholders about the potential economic benefit of a marine reserve. He said while he was empathetic with the Government’s position, action should be taken sooner rather than later to create jobs.

“The current position of the government suggests an evaluation of the potential of tourism and scientific research spending (due to the Blue Halo publicity), versus longline fishing and mining,” Dr Iverson said. “I studied all three very carefully, and it is my opinion that fishing and mining are dead ends, primarily due to cost considerations.

“Reports have shown that longline fishing is not economically viable in Bermuda, due to fuel, labour and shipping costs. The stock of the only major ocean mining corporation (Nautilus Minerals) has collapsed in the past three years, as investors realise it is fraught with problems and uncertainty.

“I certainly understand the need of the government to make informed decisions, but when your economy is in a severe recession, when you have lost 5,000 jobs in recent years, any delays on job creating decisions have serious social consequences.”

Dr Saul, a primary stakeholder in local seabed prospecting company Oceans Projects Limited, said while the EEZ could be a major financial asset to the Island, the Premier had made the right call in asking for more research before making a final decision.

That while “There is no doubt that the next five to ten years will see great advances in underwater mining, and many countries are planning for this eventuality,” Dr Saul said. “We must not move too quickly. We must learn from what other countries are doing and prepare careful legislation to govern both exploration, and also possible mining. It would be foolhardy to shut the door to any future methods of raising money for Bermuda’s future growth and prosperity.

“The Premier is absolutely correct in thinking of the Island’s economic well-being when he calls for more research to be carried out. Dozens of other countries are searching their EEZ and while being conscious of the material benefits that may be gained from mining, they are also mindful of the environment aspects, and remediation is top of their concerns when underwater mining is being considered.

“Bermuda should keep its options open, and be mindful that its future is in the hands of careful planners.”