Potential economic impacts of achieving good environmental status in Black Sea fisheries
The Marine Strategy Framework Directive (MSFD) mandates that European Union (EU) member states achieve Good Environmental Status (GEnS) based on an ecosystem-based approach to management. For commercial fisheries, the primary target under the MSFD is one of maximum sustainable yield. Of Black Sea riparian nations, only Romania and Bulgaria are EU member states. Focusing at the supranational level, we review institutions and instruments relevant to management of the Black Sea. The economic values of current fish catches are assessed, and the results of a recent analytical assessment of fish stocks are used to estimate potential future values based on maximum sustainable yields. In the Black Sea region, despite long-standing attempts to improve fisheries management, there remains a lack of effective regional cooperation. Evidence from the scenario analysis suggests that achieving GEnS would not have an undue negative impact on overall fishery sector incomes, and could, with appropriate investments in processing and marketing, deliver increased economic benefits for Black Sea countries. The ongoing policy debate between and within Black Sea coastal states needs to be extended to include recognition of the potential economic and social benefits of effective fisheries management. More work is required to assess returns on investment in interim management measures to deliver GEnS.