This income stream gave the parks an asset value of $280m, researchers calculated.

In addition, the holiday spots generated $1.1m in profits for local councils.

The study was undertaken by the Western Coastal Board and partners as one of 13 federally-funded projects to look at climate change adaptation and how caravan park users valued the parks and beaches.

Warrnambool Surfside Holiday and Shipwreck Bay parks, Port Fairy’s Gardens Caravan Park, Apollo Bay Recreation Reserve, Barwon Heads Caravan Park and Portarlington Holiday Park users were interviewed, as well as local residents.

Among the findings was that if camping opportunities were reduced because of climate change, users would stay at other places.

The Warrnambool parks generated $2m in direct revenue and had $1.3m direct operating costs, while the Port Fairy park had $1.2m revenue and $800,000 in direct costs.

Using a multiplier calculation, the study found Warrnambool’s coastal parks generated $20m a year from the 525,773 annual visitations and Port Fairy’s brought $14m from 26,147 visits.

But if costs of travel were added to the calculations, the figure would begin to double and in some cases quadruple, the report said.

Campers at Warrnambool spent an average $60.90 a day and 99 per cent locally, while at Port Fairy it was $58.70 and 91 per cent.

The campers at the Warrnambool parks stayed an average 15 nights a year and at Port Fairy it was 17.2, while the average number of stays per year was 1.6 at Warrnambool and 2.5 at Port Fairy.

At Warrnambool the average age of campers was 48 and their average household income $82,500, while at Port Fairy the average age was 51 and income $87,500.

Local residents also appreciated their coast, with 97 per cent of survey respondents saying they had visited the foreshore areas in the past 12 months and 60 per cent had visited the caravan parks. 

At Port Fairy, 99 per cent of local respondents had visited the foreshore and 77 per cent had been to their caravan park.

Western Coastal Board chairwoman Jill Parker said the report clearly illustrated the “tremendous economic and social values our coastal caravan parks and beaches provide”.

“Caravan parks provide affordable holiday destinations and access to the coast’s myriad recreation and tourism opportunities,” she said.

“However, the impact of climate change on our coast has the potential to diminish many of these values, so it is critical that we understand these values and make informed decisions.”

Ms Parker said caravan park users and coastal communities seemed to have a good understanding the coast was for all to enjoy.

The report said storm surges were already considered a risk by coastal park managers.

“Erosion can result in loss of reserve, camping sites, infrastructure and roads in addition to loss of the amenity of the beach,” the report said.