On the Economics of Marine Capture Fisheries

Abstract

Marine fisheries is an important part of global food security. And, with a growing population, and increased awareness regarding the carbon footprint of various diets, the importance of fish as a protein source is only increasing. Nevertheless, with 34.2 % of fish stock categorised as biologically unsustainable, and 59.6 % at maximum sustainability, marine capture fisheries are not equipped to accommodate a growing demand for fish (FAO, 2020). Overfishing is not only a concern for global food security, it also has major economic consequences and can be detrimental for ecosystems. It is estimated that overfishing is costing EU fisheries 3.2 billion euros per year, as well as 100.000 jobs (nef, 2012). While rebuilding the fish stocks can reduce this cost for future generations, overfishing is also considered the main cause of up to 80% of marine species extinctions, contributing to biodiversity loss and causing irreparable damage to marine ecosystems (Dulvy et al., 2003).