The boom years are over, the Island population is aging at a rapid rate and an underground economy — conservatively estimated at $34 million in unreported wages — threatens to undermine the stability of the Island community.

This is the conclusion of a recent study prepared for the Martha’s Vineyard Commission by John J. Ryan, a consultant with Development Cycles in Amherst.

Leanne Giordano, restaurant manager at one of the Island’s most popular — and busiest — family restaurants, is fully staffed for the summer. And she has a running list of more than 150 prospective waiters, waitresses and bussers to call just in case a position opens.

Ms. Wildanger Joins Firm

Elexis Wildanger of Oak Bluffs has joined Island Real Estate. A native of the Island, she brings with her three years of experience in the real estate industry. She is handling both sales and rentals.

Seasonal workers for Island hotel and restaurant businesses could be arriving by ferry from New Bedford through an organized program within the next few weeks.

And a second proposed program, which would tap federal grant money, could be flying workers from New Bedford to the Island next summer, said Nancy Gardella, executive director of the Martha’s Vineyard Chamber of Commerce.

Tourism Meeting Slated

The state legislature’s joint committee on tourism, arts and cultural development will meet on Monday, June 9, from 10:30 a.m. to noon at the Old Whaling Church in Edgartown.

Rep. Eric Turkington of Falmouth, co-chairman of the committee, said the Island is an especially appropriate place to meet, “since tourism, arts and culture are the key economic forces that drive the Vineyard economy.”

Diners at Island restaurants will pay more for everything from fish and chips to omelettes this summer as the cost of almost all ingredients has skyrocketed.

Vineyard, chefs, caterers and bakers struggling with their soaring costs — the price of basics such as eggs, flour and cooking oil have more than doubled, even tripled in the past year, they report — have been forced to increase their own prices.