I agree a radio might be nice to have in that situation, but the boat also needs to be monitoring.But if you're only less than one mile away on the surface, totally shrouded in a fog bank --a VHF/GPS unit like the Mystic would be invaluable. (Lessons learned from two GUE Instructors a few years ago, up north in Monterey, whose diveboat & surface support crew lost them in the fog after scootering and a drifting deco scenario --the two on the surface, tantalizingly could hear their diveboat searching for them nearby, but could not see them). . .
Also I am wondering if they could hear the boat searching for them, why couldn't the boat hear a whistle? Localizing a sound in fog can be a bit harder but it can still be done.
My thoughts are that it makes more sense to build the signal kit around low cost, low tech but relaible works every time equipment like a whistle, a signal mirror, a dye marker and a strobe - then think about adding the high tech stuff.
If I had to have only one high tech item it would be an epirb as the low tech items will get me out of trouble in 90% of the cases where a VHF and GPS will be useful, while the epirb will help in the remaining 10% as well as in 90% of the situations where the VHF and gps would be useless. It's just a matter of getting more bang for the buck and the equipment weight.
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Personally, I think if a diver is close to shore in most populated areas, there will often be cell coverage and in that case a cell phone is potentially as useful as a VHF.