People who live on coasts tend to live off of the sea, which is a fantastic way to at local. However, due to modern commercial fishing fish populations and local ecosystems are being destroyed -so much so you can see damage done by commercial fishing from space. For years fisheries have argued that they have a right to continue their fishing practices because it’s how they earn a living. Well, here’s a better way to ensure they can earn a living: help those fish before you eat them (or don’t eat them 😉 ).
Pew has released a study that argues that rebuilding fish populations can generate billions of dollars for costal communities.
â€œResults from this study provide strong analytical evidence that there is significant value in rebuilding fish populations and lost financial benefits from delayed action,â€ said Dr. John M. Gates, report author and professor emeritus, Departments of Economics, Environmental and Natural Resource Economics, University of Rhode Island. â€œItâ€™s important to note that the primary, direct benefits represent a conservative estimate and, if related economic benefits had been included, the result would likely expand well beyond the figures estimated in this study.â€
Delays in rebuilding translate to lost opportunities for commercial and recreational fishermen to catch the maximum amount of fish that can sustainably be taken from a population. Failing to quickly address overfishing and allow populations to rebuild as quickly as possible forgoes current financial benefits and may result in more costly regulations in the longâ€“term.
Key findings from the report show that:
Commercial landings would have increased by 48%, if the four populations had been rebuilt by 2007. The financial value would be approximately $33.6 million per year in perpetuity.
Rebuilding would bring an increase in recreational landings of 24% more per year than the status quo management. The economic value would be approximately $536 million per year in perpetuity.
These direct economic benefits would also likely generate secondary financial benefits in the Mid-Atlantic region through increased income, sales and jobs from businesses associated with commercial and recreational fishing, including bait and tackle shops.