The initial economic impact study of HMS Scylla was published in April 2005. The key findings of the study indicate that the project has generated considerable enthusiasm and support from a wide range of stakeholders, diving clubs and local diving and charter boat operators. The net economic impact of the Scylla in terms of additional expenditure amounts to over £1.4m with net additional employment estimated at 37 FTE jobs. Further increases in activity are anticipated as diving clubs add the Scylla to their programmes, returning divers and clubs come to observe the change over time and as the local diving centres increase their training programmes. It is estimated that Scylla will bring over £1m per annum to the South West economy.  
 
The South West RDA invested £1.38m into this innovative project in which the ex-Royal Navy frigate was sunk to create a unique artificial reef off Whitsand Bay, south east Cornwall. The Agency worked in partnership with National Marine Aquarium, Ministry of Defence and local authorities to buy and sink the ship.