As of March 2026, the fungus causing white-nose syndrome had been detected in 47 states, reaching as far west as California, Washington and Oregon. White-nose syndrome spreads primarily through bat-to-bat contact, though humans also contribute to the spread when cave explorers carry the fungus from one cave to another.
Despite coordinated efforts by state and federal wildlife agencies to limit access to caves where bats live and slow the transmission, white-nose syndrome continues to spread rapidly. When bats get infected, they wake up early from hibernation and use more energy over the winter. This depletes their fat reserves and causes them to die of starvation, leading to plummeting populations.
After white-nose syndrome arrives in an area, the loss of bats has significant consequences for farmers.
Yields fall as pests consume crops. To protect their crops, farmers purchase more chemical pesticides, so their costs rise as yields decline. The estimated agricultural losses from white-nose syndrome exceeded $420 million per year as of 2017.
Greater pesticide use is also associated with human health problems that can be avoided if bat populations remain healthy.
Losing bats hurts local governments financially
The story does not stop at the farm.
Counties in all U.S. states tax agricultural land based on its “use value” – in other words, based on how profitable the land is in agriculture. Without healthy bat populations, lower profits shrink the tax base, leaving county governments with less revenue.
Those governments must respond by reducing services, raising taxes or increasing how much money they borrow – often at a greater cost of borrowing. The effect is especially pronounced in rural counties, where agriculture makes up a large share of property tax revenue.
Our recent research finds that rural county governments lost almost $150 per person in annual revenue after the arrival of white-nose syndrome. For an average-size rural county, that is nearly $2.7 million in lost revenue each year.
How losing bats can hit the bond markets
The loss of county revenue makes municipal bond investors nervous. Buying a municipal bond is a bit like lending money to the county, and the interest rate is what the county pays you for taking on that risk.
When bats disappear, the risk goes up, and the county has to pay about 11.47 hundredths of a percentage point more in interest. That may sound small, but it is 27% larger than the typical risk premium investors already demand from county governments.
The higher interest rate raises borrowing costs for county governments. For example, the borrowing costs on a typical 15-year, $1 million bond would increase by more than $33,000.
Higher yields also mean lower bond prices for investors, including retirement funds. For example, our research suggests that investors would discount a $1 million bond issued by a rural county by nearly $14,000 if that county’s bats have become infected by white-nose syndrome. The good news is that the benefits from healthy bat populations create opportunities to make money from bat conservation. Farmers can increase their incomes. Local governments can recover property tax revenue to fund public services, such as road maintenance, health infrastructure and public schools. Bond investors can earn financial returns from healthier bat populations. No silver bullet exists for protecting or restoring bat populations affected by white-nose syndrome, but promising efforts are underway. A fungal vaccine is being tested by the U.S. Geological Survey and partners. Designing artificial roosts and adding cave protections can also help preserve healthy bat populations. Researchers are also working to better understand bat resistance to the disease to explore whether improving resistance alone can stabilize bat populations. As these solutions develop, opportunities will emerge for farmers, local governments and investors to earn financial returns through bat conservation. In other words, saving bats isn’t just good ecology – it’s good economics. Dale Manning, Associate Professor in Public Policy and Agricultural and Resource Economics, University of Tennessee; Anya Nakhmurina, Associate Professor of Accounting, Yale University, and Eli Fenichel, Professor of Natural Resource Economics, Yale University This article is republished from The Conversation under a Creative Commons license. Read the original article.
Economic benefits of saving bats
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