Monetary impacts should be considered in biological invasion risk assessments

• DOI: 10.1111/1365-2664.14510
• Publication Date: 2023-10-06T15:17:10Z
• Authors: Ismael Soto; Phillip J. Haubrock; Ross N. Cuthbert; David Renault; Anna F. Probert; Ali Serhan Tarkan
• Keywords: 0106 biological sciences; 570; Economics; Impact assessment; 616; Microeconomics; Business; Environmental resource management; Biology; Political science; Risk assessment; Environmental planning; 0105 earth and related environmental sciences; Invasive species; Ecology; Geography; Public administration; Economic impact analysis; Biodiversity; Management; [SDE.BE] Environmental Sciences/Biodiversity and Ecology; Risk management; [SDE.BE]Environmental Sciences/Biodiversity and Ecology; Finance

Abstract

Biological invasions pose a significant threat to biodiversity, planetary health and socio‐economies worldwide. Prioritizing invasive species for management is crucial, given the limited economic resources available. While global invasive species risk scoring systems exist, they currently do not incorporate fully quantitative impact metrics. However, the emergence of monetary costs as a standardized measure of invasive species impact across contexts provides an opportunity to compare species in risk assessments. Synthesis and applications: The economic impact of invasive species should now be considered in impact and risk assessments worldwide, given the growing availability and synthesis of cost data. This will allow for more informed decision‐making regarding the allocation of resources for invasive species management.