The area of the shaded portion is given by the difference between the area of the outer circle and the area of the inner circle.
First, let's find the areas of the circles:
Outer Circle: Area = πr^2 = π (2)^2 = 4π square meters
Inner Circle: Area = πr^2 = π (0.75)^2 = 0.5625π square meters
Area of shaded portion = Area of outer circle - Area of inner circle = 4π - 0.5625π = 3.4375π square meters
So the area of the shaded portion is approximately 10.8 square meters.