Stigma-induced property value diminution from nuclear waste transportation

Stigma resulting from an amplified perception of risk has been associated with all aspects of nuclear power plant siting and operations, including a decline in property values in areas affected by nuclear power plant operations. The U.S. Department of Energy (DOE) will soon commence a massive, first of its kind program to transport spent nuclear fuel (SNF) and high-level nuclear waste (HLNW) from civilian nuclear power plants and the nation's weapons facilities to a repository at Yucca Mountain, Nevada. A substantial portion of the SNF and HLNW resulting from this program will travel through Clark County, Nevada. This study seeks to determine the extent of property value diminution that may occur in Clark County, Nevada as a result of this program.; Several methodologies have been developed for estimating property value diminution. These methodologies focus on measuring either comparable current sales or the statistical change in a large number of past transactions. Since a massive shipment campaign of HLNW has never occurred, there are neither comparable current sales nor past transactions that can be used for comparison. To evaluate the range of potential property value diminution that may result from the transportation of HLNW and SNF, this research design combines a survey of real estate appraisers and lenders for residential, commercial, and industrial property; an analogous case study; and a survey of Clark County, Nevada residents. The range of outputs from these techniques was applied to the market valuations for residential properties in Clark County, and then the results were compared and evaluated.; There is a consistency in the direction of all of the results from this research. Specifically, the findings from the analogous case survey from the Waste Isolation Pilot Project (WIPP) in New Mexico align closely with the results of the survey of Clark County residents. Further, the results of both of these surveys are consistent with the range of impacts identified by both expert groups, i.e., lenders and appraisers under the serious HLNW accident scenario. Lesser but still significant impacts were found when the lenders and appraisers were asked to identify potential impacts under scenarios where there is only a minor HLNW accident and under a no accident scenario.