damage cost. The money cost of damage done, usually confined to damage done by pollution. In economics, pollution is generally regarded as an instance of an EXTERNALITY. Placing money values on externalities is a complex and often dubious procedure as with valuing injuries, death, loss of recreational land, loss of wilderness, wildlife and so on. In other cases valuation may be more straightforward as with the loss of commercial fisheries due to, say, oil pollution.
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