Overfishing Economic Impact

Overfishing is Costing Europe $3.2 Billion a Year!

Written by Brian Hicks
Posted February 17, 2012

A new study released by the New Economics Foundation (NEF) in the United Kingdom has given a glimpse of the cost of overfishing.  And it’s not cheap.

According to the report, overfishing costs over 100,000 jobs and up to $3.2 billion each year.

When the populations aren’t given a chance to reproduce, the dwindling availability costs many fishermen their jobs.

And the environmental impact is even worse.  As the report stated:

“Overfishing is the single most destructive force in the marine environment.”

The worst affected populations, the NEF report said, were cod, haddock, herring, and whiting.

The research found that if just 43 fish stocks were allowed time to reproduce and return to what the report calls “maximum sustainable yield,” the fishing industry would have 3.5 million additional tonnes of product.

And that’s only a small portion of total stocks.

A separate report by the International Sustainability Unit suggested that if fishermen were to better regulate how they proceeded, the populations would be able to replenish.

But fishermen aren’t willing to give up their jobs for long enough to allow this to happen.

And an international survey found where this problem was the worst:

“Surprisingly, fishermen in the more vibrant and developed economies were less likely to give up their trade, despite having more economically fruitful opportunities open to them.”

And even the threat of billions of dollars and thousands of jobs lost every year has done little to stop this damaging practice.