Unveiling the Non-Market Value of a Fragile Coastal Wetland: A CVM Approach in the Amvrakikos Gulf, Greece

Wetlands are highly productive ecosystems with multidimensional value and significant social and economic impacts. Estimating the economic value of their non-marketed goods and services—benefits not traded in conventional markets—can provide essential insights to guide protection, restoration, and sustainable management strategies for these sensitive ecosystems. The present study employs environmental economics tools, specifically the Contingent Valuation Method (CVM), to assess the value of the Amvrakikos Gulf in northwestern Greece. This semi-enclosed wetland system is particularly fragile due to its low water renewal rate, while being a primary source of income and an integral component of local cultural identity. Despite its high ecological importance, the Amvrakikos Gulf has experienced substantial environmental degradation stemming from its geomorphological characteristics and external anthropogenic pressures. This investigation was designed to explore residents’ perceptions of the wetland’s value and its correlation with the need for restoration. In total, 383 coastal area residents participated in this study. Data analysis was conducted using appropriate econometric methods based on both parametric and non-parametric models. Approximately 46.2% of respondents expressed willingness to pay, and the environmental restoration of the Amvrakikos Gulf was valued at EUR 715,968.36. Additionally, this study examined potential associations between willingness to pay and various socio-cultural and demographic factors recorded during the interviews. In conclusion, the need for the restoration and preservation of the Amvrakikos Gulf’s natural wealth was made evident, affirming the contribution of the CVM in valuing wetlands and enriching the existing literature, while explicitly recognizing the subjectivity inherent in WTP assessments.