The Potential Economic Impact of Environmental Liability: The

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American and European Contexts

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Directorate-General for the Environment, European Commission

2003

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Abstract i

Executive Summary i

Introduction 1

A Brief Overview of Superfund 2

The Economic Impacts of Superfund 8

Cleanup Costs 10

Transaction Costs 10

Impacts on Selected Sectors of the American Economy 13

A Further Breakdown of Costs of the Current Superfund Program 14

Box: A Brief Note on Superfund Taxes 17

Brownfields and Voluntary Cleanup Programs 18

Box: A Brief Overview of the Resource Conservation and Recovery Act 19

A Comparison of the European Commission’s White Paper on Environmental

Liability with Superfund 20

Anticipated Number of Liability Cases Resulting in Cleanups 23

Type of Liability, Limits and Exemptions 24

Damages and Activities Covered 26

Remedy Selection and Cleanup Standards 27

Potential Plaintiffs 29

Potentially Responsible Parties 30

Conclusion 31