Australia's 'Great Barrier Reef' a $56 billion asset 'too big to fail': Study

New Delhi : Great Barrier Reef in Australia has been valued at $56 billion with a warning of vast economic consequences for the country if no concrete steps are taken to save it.

The Deloitte Access Economics report claimed that Great Barrier Reef contributes $6.4 billion to the national economy each year with its direct and indirect jobs.

With the lack of protection measures taken, the World Heritage-listed icon could be at risk of coral bleaching events, poor water quality and climate change.

"The reef is critical to supporting economic activity and jobs in Australia. The livelihoods and businesses it supports across Australia far exceeds the numbers supported by many industries we would consider too big to fail," says the report, prepared for the Great Barrier Reef Foundation.

The Deloitte report also claimed that the total worth of Great Barrier Reef stands at $56 billion (economic, social and iconic value), including tourism stats.

The report was based on a range of previously published data, a new survey of more than 1,500 Australians and residents from 10 other countries, and consultations with stakeholders.