Global marine fisheries are in crisis: A large percentage (90 percent as of 2011) are fully fished and overfished. The result is lost economic benefits of approximately $83 billion a year-the "sunken billions" of the title. Reducing overfishing would allow severely overexploited fish stocks to recover over time. Subsequently, the combination of larger fish stocks and reduced but sustainable fishing activities would lead to higher economic yields. However, to reach that equilibrium, comprehensive and coordinated reforms are necessary. The current 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 aggravating factor of climate change. The Sunken Billions Revisited: Progress and Challenges in Global Marine Fisheries builds on an earlier study-The Sunken Billions: The Economic Justification for Fisheries Reform, published by the World Bank and the Food and Agriculture Organization of the United Nations in 2009-but with a deeper regional analysis. This is recommended reading for policy makers, government officials, development practitioners, and those interested in preserving fish, a valuable natural resource at the heart of our marine ecosystems, economies, and diets.

Book jacket.