It is difficult to say at this point whether Costa Concordia can be salvaged or not. First priority is always given to search and rescue. The 450-million-euro (£372m) vessel is currently floating on the rocks, however if the weather worsens the ship may fall off the rocks and cause one of the 17 tanks to breach and cause a spill.
But given the extend of the damage it could just be that the ship is cut up and taken away in parts for scrap. It is up to the insurer to assess the cost of repairs and the cost of getting it into a position to repair it.
"There's every possibility that it could be salvaged but it's going to be a very tricky salvage operation," says Richard Meade of Lloyd's List, a leading daily newspaper for the maritime industry. "I think the likelihood is that this is going to be declared a total loss."
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