The British coast could see a return of £8 for every £1 invested, a Government analysis forecasts.
Since 2012, Whitehall has invested £120m in projects designed to bring a financial boost to the coast through a dedicated Coastal Communities Fund.
The fund’s annual progress report, published today, shows the funding has the potential to generate an annual £320m boost to the coastal economy over the next few years – equivalent of up to £8 for every £1 investment.
Communities minister Mark Francois also argues the financial boost will lead to more jobs being either created or protected.
‘We’ve already helped more than 200 projects get up and running across our much-loved seaside towns, bringing not just a wave of excitement but also protecting or creating up to 18,000 jobs,’ he said.
More than 11 million people live in coastal communities, and the tourism industry in these areas alone adds £4bn to the UK economy.
The Government says more than 200 projects have seen the benefits of the Coastal Communities Fund.
Blackpool City Council, for example, was awarded more than £1.9m to radically transform its iconic illuminations. This has the potential to create up to 500 new jobs in the local area.
The Government has also supported over 100 local coastal teams, each one of which received £10,000 to contribute to the revival of their towns.
This was on top of the £3m given to 77 projects last December through the Coastal Revival fund, which communities minister Brandon Lewis claimed at the time would help secure these key seaside attractions “for generations to come”.
The Government also promises another £1m of coastal funding will be available in 2016/17.
