Long-term economic consequences

The 27 March 1964 earthquake-tsunami event had a number of significant long-term economic consequences for individual settlements of the coast of the Gulf of Alaska. Prior to the tsunami disaster, large petroleum terminals servicing the needs of Alaska existed at the ports of Seaward and Whittier. These industries were significant to the local economy of these towns. Following the tsunami, a decision was made to move these terminals to a larger central facility in Anchorage. Whilst this was economically important for Anchorage, it was a major economic blow to these smaller settlements. Additionally, it was decided that the port at Valdez should be developed and now handles the entire daily production and distribution of Alaskan oil to the rest of the continental United States and this has been of enormous economic importance to Valdez.