Buncefield disaster cost £70m
21 Jun 2006
The Buncefield oil depot explosion, which devastated a large area of a business park in Hemel Hempstead, cost local firms over £70 million, a new report has shown.
A study commissioned by the East of England Development Agency (EEDA) revealed that the 25 businesses affected on the Mayland estate where the blast occurred lost huge sums as a result of the ensuing fire and subsequent 'no-go' areas.
In the "economic and business confidence impact study", 16 firms of the 25 were found to have relocated their operations, with 1,422 jobs shifted – and 79 redundancies made.
EEDA chief executive David Marlow said the report indicated the damaging impact of the disaster, but also the scope for regeneration.
"The immediate impact on businesses at Buncefield has been considerable, but we are working hard with partners to redress this," he said.
"There is still a long way to go, but the business community at Maylands can now look forward to the future with a positive attitude. In addition to the negative effects, this study shows that beyond December’s disaster there is a light at the end of the tunnel."
Businesses are now being coached through the recovery process, with the unexpected blast highlighting the importance of solid contingency solutions and business continuity plans. 
© Adfero Ltd.
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