Director’s Foreword

• In 1497, John Cabot noted on Newfoundland’s cod's abundance. By 1992, a moratorium was imposed on the Northern cod fishery, citing near depletion.

• The report reflects on the shifting baseline of fish stocks due to overfishing and its socio-economic impact.

• Key Findings:

  • An estimated loss of US$39 billion in potential landed value annually and 668,479 full-time equivalent jobs (FTE) due to overfishing.

  • Communities in Latin America and the Caribbean are most affected, followed by Europe and North America.

• Emphasizes the urgent need to rebuild overfished stocks for economic and social benefit.

Executive Summary

• Objective: To assess the socio-economic impact of overfished stocks:

  1. Estimate potential catch loss from 482 overfished fish stocks.

  2. Calculate the landed value of this catch loss.

  3. Analyze jobs lost associated with the depreciation of these stocks.

• Findings:

  • Annual estimated catch loss: 15 million tonnes globally.

  • Lost landed value: US$39 billion.

  • Lost jobs: approximately 668,479 FTE.

  • Potential job increases exist if all overfished stocks are managed to achieve Maximum Sustainable Yield (MSY).

Introduction

• Fisheries contribute significantly to global food security and economies but face threats due to overexploitation.

• Historical context: Pre-1990s fisheries peaked at 124 million t.

• Major concerns:

  • Global marine catch currently averages around 112 million t.

  • 37.9 million people employed in fisheries, providing food for 3.1 billion people (20% of their protein).

• Drivers of overfishing include excess fishing capacity, poor governance, illegal fishing, among others.

• Fish stocks categorized as sustainable declined from 90% in 1974 to 65% in 2019.

• The report elaborates on the socio-economic repercussions and highlights catch losses equating to approximately 7-36% of actual landings.

Methodology

4.1. Quantifying Catch Loss

• Catch loss defined as the difference between MSY and the last year's catch.

• Data from the Sea Around Us database (2018) and Global Fishing Index.

• Stocks defined as overfished when biomass is < 40% of unfished biomass.

• Analysis includes metrics such as:

  • MSY: Maximum Sustainable Yield

  • C: Catch of last year

  • F/FMSY: Fishing mortality

  • B/B0: Biomass relative to unfished biomass

4.2. Estimating Revenue Loss

• Revenue loss derived from catch loss multiplied by the ex-vessel price of each stock.

• Ex-vessel price sourced from over 60,000 prices across different years.

4.3. Estimating Jobs Associated with Catch Loss

• Jobs calculated as:

  • Marine employment data from various sources, incorporating direct and indirect fisheries sectors.

  • Estimation of catch per fisher to deduce number of jobs linked to catch loss.

Results

5.1. Catch Loss

• 83% of assessed stocks experienced catch loss totaling 15 million t.

• MSY across all overfished stocks was calculated at 28.7 million t.

5.2. Revenue Loss: Landed Value of Catch Loss

• Total landed value loss: US$15.4 billion (10% of global fisheries land value).

• The top 10 stocks contributed to 41% of total landed value loss.

5.3. Marine Employment Associated with Catch Loss

• Total marine employment estimates globally at 13 million FTE fishers with significant concentration in Central and Southern Asia.

• Estimated loss of 668,479 jobs associated with catch loss; potential for job gains if stocks are rebuilt.

Discussion and Conclusion

• Critical need to establish effective fisheries management to prevent stock collapses.

• A significant proportion of fish stocks exceed MSY levels leading to serious socio-economic impacts due to potential job loss.

• The report emphasizes rebuilding efforts for overfished stocks as a means to regain lost economic value and employment opportunities.

Appendices

Appendix 1: Ratio of Catch of Last Year (C) to Max Sustainable Yield (MSY)

• Varied examples demonstrating ratios:

  • -

Appendix 2: List of Countries and Regions

• Comprehensive classification of countries grouped by regions impacting fisheries.

Appendix 3: Fish Stocks Data

• Detailed tables with specific stocks and their performance metrics against MSY benchmarks.

Appendix 4: Marine Employment Estimates

• Breakdown of marine employment data in relation to catch statistics.

Appendix 5: Estimated Catch Loss and Associated Values by Country

• Summary Table providing detailed metrics on catch loss, economic impact, and job counts by region and country.