New research reveals huge loss of jobs and profits due to overfishing of EU stocks

New research published by new economics foundation finds that poor management of fish stocks is supressing jobs and sinking profits. The report Jobs Lost at Sea estimates the benefits of rebuilding 43 European stocks (out of more than 150) and finds that:

* Restoring these 43 stocks to their maximum sustainable yield (MSY) would generate 3.53 million tonnes of additional landings; enough to meet the annual demand of fish for almost 160 million EU citizens (and reducing carbon intensive imports Ed)
   
* Value of restoring fish stocks is worth £2.7 billion (€3.2 bn) per year to all countries. It is worth £1.5 billion (€1.8 bn) per year to the EU27, or almost three times its annual fishing subsidies.

* Value of restoring these fish stocks could support 100,790 new jobs, around 83,000 to the EU27 (31% more than current employment in the EU fishing sector).

* Restoring fish stocks could increase catch values from these stocks by 81% for the EU27, and more than double for most countries, including the UK (+109%) and Germany (+116%).

* Worst affected fish are cod (lost 970,000 tonnes/yr), haddock (lost 378,000 tonnes/yr), herring (lost 854,000 tonnes/yr) and whiting (lost 834,000 tonnes/yr).

Overfishing means the EU is getting much less out of its fish stocks than if they were restored and sustainably managed. The study has analysed of the difference between the current size of catches compared with their potential (‘maximum sustainable yield’) to highlight the scale of that overfishing has hijacked revenues and employment. restoring fish stocks from current levels to their maximum sustainable yield should be at the heart of European fisheries management. The reform of the Common Fisheries Policy is an ideal opportunity to put an end to this waste and restore profitable sustainable fisheries.