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In 1998, the direct cost of corrosion was 3.1% of GDP is $276 Billion. This is the oft-cited number referred to in the NACE cost of corrosion study. In 2013, the direct cost of corrosion was 3.1% of the 15.1 Trillion U.S. GDP, which in June 2013 is estimated to equal to $500.7 Billion.
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The Hard Numbers on Corrosion. Here’s why corrosion costs are over $1 trillion today (compared to the oft-quoted $276 billion from 1998). First, the math: In 1998, the direct cost of corrosion was 3.1% of GDP is $276 Billion. This is the oft-cited number referred to in the NACE cost of corrosion study.
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