The economic impact of cultural heritage

“Understanding the economic impact of cultural heritage – Better investments through improved evidence collection”. That was the title of a very successful event organised in Cyprus at the Department of Town Planning and Housing of the Cyprus Ministry of the Interior, in Nicosia, on the 28th of March 2019. The workshop brought together delegates from different member states, DG Regio, DG EAC and the Council of Europe to discuss how to strategically position cultural heritage on the respective national agendas.

A number of interesting presentations followed by a round table discussion concluded to five key messages:

  1. There is a need to understand, measure and compare the value of what cultural heritage brings to society – applied research methods and tools to estimate both the social value of investments

  2. The common definitions, quality data and concrete indicators (qualitative and quantitative) are still missing; We have to pass the ownership of this need to the local and regional actors via awareness-raising campaigns

  3. The benefits should not be only measured individually, the feasibility of actions needs to be considered at a broader scale

  4. The importance of private investment must be Highlighted as it creates a broader scope for public participation and urban regeneration investments

  5. Economic evaluation at the project level but also territorial aggregation is needed, to involve other markets and all aspects of cultural heritage in a more holistic approach

If you are interested in the presentations you can read a more detailed report of the event