Fisheries Management - Performance

Performance

The biomass of global fish stocks has been allowed to run down. This biomass is now diminished to the point where it is no longer possible to sustainably catch the amount of fish that could be caught. According to a 2008 UN report, titled The Sunken Billions: The Economic Justification for Fisheries Reform, the world's fishing fleets incur a "$US 50 billion annual economic loss" through depleted stocks and poor fisheries management. The report, produced jointly by the World Bank and the UN Food and Agriculture Organization (FAO), asserts that half the world's fishing fleet could be scrapped with no change in catch.

"By improving governance of marine fisheries, society could capture a substantial part of this $50 billion annual economic loss. Through comprehensive reform, the fisheries sector could become a basis for economic growth and the creation of alternative livelihoods in many countries. At the same time, a nation’s natural capital in the form of fish stocks could be greatly increased and the negative impacts of the fisheries on the marine environment reduced."

The most prominent failure of fisheries management in recent times has perhaps been the events that lead to the collapse of the northern cod fisheries. More recently, the International Consortium of Investigative Journalists produced a series of journalistic investigations called Looting the seas. These detail investigations into the black market for bluefin tuna, the subsidies propping up the Spanish fishing industry, and the overfishing of the Chilean jack mackerel.