Over the course of its life cycle, the Korsnäs Offshore Wind Project may generate an estimated 40,000 person-years in Finland, overall economic impacts of up to EUR 20 billion, and a total of EUR 3-4 billion in tax revenue for the state. The estimates are based on Vattenfall’s own calculations and a study prepared by Ramboll.
The study examines the economic and employment impacts of the project over its entire life cycle, from the planning and construction phase to operation and dismantling. Impacts will be generated locally, regionally, and nationally.
The economic impact of the project will be significant for the municipality of Korsnäs. It is estimated that the project will generate a total of approximately EUR 312 million in property tax revenue alone for the municipality over the course of its life cycle.
The Korsnäs Offshore Wind Project developed by Vattenfall and Metsähallitus is one of several offshore wind projects planned in Finland. “Currently more than 12 gigawatts of offshore wind power are being developed in Finnish territorial waters alone. This will mean exponential economic and employment impacts for the whole of Finland,” says Annina Hästö, Head of Offshore Wind at Metsähallitus.
Offshore wind parks can generate electricity up to 90% of the time. It is cheaper and faster to build than nuclear power, and more stable than onshore wind power.
As a whole, the Korsnäs Offshore Wind Project can serve as a catalyst for more extensive green transition industrial development. The project enables new investments, the development of expertise, and the transformation of the energy sector. In the long term, offshore wind power may become a significant export and service sector, with impacts ranging from operation and maintenance activities to recycling and the development of new industrial solutions.