Ecosystem services provided by beavers Castor spp.

We aimed to recognise beaver‐produced ecosystem services and quantify their theoretical value for the entire Northern Hemisphere. Activity of the Eurasian beaver Castor fiber and the North American beaver Castor canadensis in the landscape provides ecosystem services and disservices. Services produced by beaver activity include water purification, moderation of extreme events, habitat and biodiversity provision, nutrient cycling, greenhouse gas sequestration, recreational hunting and fishing, water supply, and non‐consumptive recreation. Beaver‐produced services have not been compiled, analysed, or quantified previously. Each service we evaluated is worth millions to hundreds of millions of US dollars (USD) annually. Habitat and biodiversity provision (133 million USD), along with greenhouse gas sequestration (75 million USD), are particularly valuable services in absolute terms, while non‐consumptive recreation (167 USD ha −1 ) and habitat and biodiversity provision (133 USD ha −1 ) have the largest annual per‐hectare values. Our results can be used to broaden decision‐making and management perspectives, as we offer value estimates to wildlife managers and municipality planners for assessing local site‐specific beaver wetland values and the opportunities for their realisation. Implementing Payments for Ecosystem Services schemes offer a concrete way for societies to benefit from beaver‐produced services while concurrently compensating beaver‐produced losses accrued to landowners. Building such schemes offer long‐term realisation of ecosystem services and damage mitigation. This would lead to increased societal well‐being and increased conservation interest and efforts.