World waters overfished- World Bank report

World waters overfished- World Bank report

The Sunken Billions Revisited: Giving Oceans a Break Could Generate $83 Billion in Additional Benefits for Fisheries

It is scaring but eye opening.

A recent World Bank report titled The Sunken Billions Revisited shows that fishing less, and better, could generate an additional $83 billion each year for the fisheries sector, creating a much-needed revenue stream in developing countries and improving global food security.

According to the report, Global marine fisheries are in crisis: A large percentage (90 percent as of 2011) is fully fished and overfished. The result is lost economic benefits of approximately $83 billion a year—the “sunken billions” of the title.SunkenBillionsRevisited-Download

Reducing overfishing would allow severely overexploited fish stocks to recover over time.  Subsequently, the combination of larger fish stocks and reduced but sustainable fishing activities would lead to higher economic yields.  However, to reach that equilibrium, comprehensive and coordinated reforms are necessary.

The current study examines the range of complex issues that surround the reform of global fisheries management, including the financial and social costs of transitioning to a more sustainable resource management path, the  considerable governance challenges associated with managing the largely  open-access ocean resources, and the aggravating factor of climate change.

The Sunken Billions Revisited: Progress and Challenges in Global Marine Fisheries builds on an earlier study—The Sunken Billions: The Economic Justification for Fisheries Reform , published by the World Bank and the Food and Agriculture Organization of the United Nations in 2009—but with a deeper regional analysis.

This is recommended reading for policy makers, government officials, development practitioners, and those interested in preserving fish, a valuable natural resource at the heart of our marine ecosystems, economies, and diets.

Download SunkenBillionsRevisited-Full report

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