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Cost of repairing global fisheries: $292b

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By SeafoodSource staff
17 July, 2012 - It could cost up to CAD 292 billion and take almost three decades, but University of British Columbia experts have a proposal to save the world’s fisheries.

In a study released Friday in the online journal of the Public Library of Science, a team of American and Canadian economists and ecologists led by UBC professor Rashid Sumaila called on governments worldwide to dramatically reduce subsidies to fisheries in a bid to stop unprofitable and unsustainable fishing.

Eventually, those cuts would result in more robust fish stocks and fisheries worth CAD 54 billion, a great improvement from the CAD 13 billion they lose each year, the study claims.

“There are too many boats going for the fish. A key component is reducing the number of boats and therefore the number of people fishing,” said Sumaila, director of the university’s fisheries economics research unit.

Click here to read the full story from the Vancouver Sun >

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