(1) In making a showing that the reservation is in the public interest, the application shall contain the following:

(a) An analysis of the direct benefits and costs associated with applying reserved water to the proposed beneficial use.

(b) A discussion of the indirect benefits and costs associated with applying water to beneficial use that considers the following:

(i) effects on future economic activity;

(ii) effects on the environment;

(iii) effects on public health and safety; and

(iv) the economic opportunity costs that the requested flow may have to parties other than the reservant.

(c) A discussion of the effects of not granting the reservation, including a description of reasonable alternative actions that could be taken if the reservation is not granted.

(d) Where the reservation would require withdrawal and transport for use outside the state, a discussion of:

(i) whether the reserved water could otherwise be transported to alleviate water shortages within Montana;

(ii) the demand on the available water supply in the state where the water will be applied to use; and

(iii) the effect of the proposed out-of-state water use on the welfare of Montana citizens.