PoV: Coping with Alaskan Financial Earthquakes | Letters / Boffs

The COVID-19 pandemic dominated our lives, and Alaska leaders were the focus of attention in an effort to slow the spread. However, I would also like to start focusing on what we will face once the epidemic recedes. Alaska faces various and greater challenges than other countries, such as the following declines in: the permanent financial markets linked to the fund, the demand for seafood, the visitor industry, the rural healthcare system, and the oil industry. The Alaskan economy cannot be rebuilt unless we fully understand the unique effects of these financial “earthquakes”.

1. There has been a significant decline in the financial markets that produce the profits of the Alaska Permanent Fund, which in turn finances our public services and profits. Since the permanent fund’s profits provide more than 70% of state revenue in the annual budget, this decrease will affect state revenue, spending, and profits. The magnitude of the short and long-term effects will be determined by the way the legislature decides to deal with these pressing financial difficulties.

2 – The demand for seafood decreased due to the lack of foreign trade and the closure of restaurants. Many Alaskan seafood products are experiencing significant market price cuts. Although fisheries prices are likely to recover faster than other industries the more the global economy returns to “normal”, in the short term, fishermen suffer. Fishermen work on their own and do not qualify for many traditional safety nets. Although the long-term outlook for our seafood industry remains strong, the legislature and management must remain committed to financing the management of this important renewable resource and the habitat that adequately supports it.

3. The visitor industry is primarily run by cruise ship companies, and unfortunately, it is likely that Alaska will not see any major cruise ships this year. The international ownership structure of the major cruise ship companies will make the rescue of one country almost impossible. Currently, there is a widespread fear of traveling around the world. This virus can be a long-term pandemic, with an increase in cases every few weeks or months. It may even become an annual disincentive to the industry, at least until we see a vaccine. Alaska will have to slowly rebuild its visitor industry over several years, and the revived tourism industry may look different. I will continue to advocate in the legislature to support this effort by investing budgetary resources in the Alaska Tourism Industry Association.

4. Health care is one of the largest employers in the state and suffers from COVID-19. Revenues fell dramatically due to the cancellation of unnecessary health care procedures, and these losses were especially catastrophic for small hospitals. Dental, orthopedic and other specialties should be closed or significantly reduced. Burning staff and care gaps, especially in rural Alaska, are also negative COVID-19 effects.

5. The oil industry is facing a collapse we have not seen before due to falling demand during the epidemic, as well as the brutal price war fueled by Saudi Arabia and Russia. Demand decreased by 30% and there was a shortage of storage space which prompted producers to close wells. Conoco announced a 100,000-barrel decrease in June, which is only 20% of pipeline production. In Alaska, indigenous companies and oil service contractors are a vital part of our economy and face great challenges that result in hundreds of jobs.

All of these topics should be part of the conversation as we reopen and rebuild. We also need to be aware of individual difficulties; Unemployment is at an all-time high. According to the ISER report in April, layoffs can directly affect 27,000 jobs with a salary loss of around $ 80 million in just one month. When people lose their income, they cannot support other companies, which could indirectly lead to the loss of 21,000 additional jobs.

Let’s start the conversation on how to prepare for a post-epidemic life. Many ideas in this message come from conversations and words from former House Representative Terry Gardiner, and I’d like to thank him for sharing it with me. If you have any questions, concerns, or suggestions on how to proceed, please feel free to email me at [email protected] or call my office at 907-247-4672.

Representative Dan Ortiz, I-Ketchikan, is the 36th House of Representatives in the Alaskan House.

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