Fisheries mismanagement, inefficiencies and overfishing cause $50 billion per year in economic losses worldwide, according to a report the Food and Agriculture Organization and the World Bank released today.
Titled "The Sunken Billions: The Economic Justification for Fisheries Reform," the report argues that well-managed fisheries can turn most economic losses into benefits.
"Sustainable fisheries require political will to replace incentives for overfishing with incentives for responsible stewardship," says Kieran Kelleher, fisheries team leader for the World Bank. "It is not just about boats and fish. This report provides decision makers with the economic arguments for the reforms needed."
Strengthened fishing rights can entice fishermen to fish in an economically efficient and socially responsible manner, according to the report. Phasing out subsidies will improve efficiency, and greater transparency in allocation of seafood resources and greater public accountability for fisheries management will boost eco-labeling initiatives.
The report emphasizes that the $50 billion figure is a conservative estimate and excludes losses to recreational fisheries, marine tourism and illegal fishing.
