Temporarily halting fishing to allow stocks to recover would generate huge profits, according to a report published today by the UK-based think tank New Economics Foundation (nef).
“No catch investment” sets out to calculate the costs involved in restoring fish stocks if a temporary halt on fishing was established on the 49 stocks overexploited in European waters. It compared this cost to the potential returns on the investments made once fish stocks recover.
The research finds that the cost of restoring fish stocks is far outweighed by the economic benefits from healthy stocks. It estimates that the 10.56 billion euros needed to restore stocks, for example to compensate fishermen and maintain vessels, would generate 5.10 billion euros profit by 2023. Once all stocks were recovered, then the total value of landings would almost triple, providing an annual revenue of £14.62 billion.