The Sunken Billions: The Economic Justification for Fisheries Reform

Economic losses in marine fisheries resulting from poor management, inefficiencies, and overfishing add up to US$50 billion per year. Taken over the last three decades, these losses total over US$2 trillion, a figure roughly equivalent to the GDP of Italy. The Sunken Billions: The Economic Justification for Fisheries Reform argues that well-managed marine fisheries could turn most of these losses into sustainable economic benefits for millions of fishers and coastal communities. It argues that strengthened fishing rights can provide fishers and fishing communities with incentives to operate in an economically efficient and socially responsible manner. Phasing out subsidies that enhance redundant fishing capacity and harvesting effort will improve efficiency. Greater transparency in allocation of fish resources and greater public accountability for fisheries management and health of fish stocks will help eco-labeling initiatives to certify sustainable fisheries.