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This study follows the same approach as the earlier (2009) one. Both studies treat the world’s marine fisheries as one large fishery, and they both model the economic performance of the sector in terms of this single aggregate fishery. This study, however, departs from the original one by deepening the regional analysis. In addition, this 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 complicating factor of climate change. Although it does not attempt to address all of these issues fully, it lays out a comprehensive estimate of what the economic benefits of transitioning to higher value-added and more sustainable fisheries might look like. The primary objective of this study is to reinforce the messages of the 2009 publication and to catalyze calls for accelerating and scaling up the international effort aimed at addressing the global fisheries crisis. The analysis reveals economic losses of about $83 billion in 2012, compared with the optimal global maximum economic yield equilibrium. This result is not statistically different from the sunken billions estimated for 2004, which was adjusted to $88 billion, based on improvements in the model, better data, and adjustment to 2012 dollars. Both figures are strikingly large, and they highlight the fact that the fisheries sector is being managed in a deeply unsustainable manner.

The Sunken Billions Revisited: Progress and Challenges in Global Marine Fisheries