This chapter aims to provide an overview of research into quantifying the economic impacts of marine litter. From an environmental economics perspective it introduces the difficulties in measuring the economic costs of marine litter; reviews those sectors where these costs are notable; and considers policy instruments, which can reduce these costs. Marine litter is underpinned by dynamic and complex processes, the drivers and impacts of which are multi-scalar, transboundary, and play out in both marine and terrestrial environments. These impacts include economic costs to expenditure, welfare and lost revenue. In most cases, these are not borne by the producers or the polluters. In industries such as fisheries and tourism the costs of marine litter are beginning to be quantified and are considerable. In other areas such as impacts on human health, or more intangible costs related to reduced ecosystem services, more research is evidently needed. As the costs of marine litter are most often used to cover removing debris or recovering from the damage which they have caused, this expenditure represents treatment rather than cure, and although probably cheaper than inaction do not present a strategy for cost reduction. Economic instruments, such as taxes and charges addressing the drivers of waste, for instance those being developed for plastic bags, could be used to reduce the production of marine litter and minimise its impacts. In any case, there remain big gaps in our understanding of the harm caused by marine litter, which presents difficulties when attempting to both quantify its economic costs, and develop effective and efficient instruments to reduce them.
We analysed the extent to which European politicians have adhered to scientific recommendations on annual total allowable catches (TACs) from 1987 to 2011, covering most of the period of the Common Fisheries Policy (CFP). For the 11 stocks examined, TACs were set higher than scientific recommendations in 68% of decisions. Politically-adjusted TACs averaged 33% above scientifically recommended levels. There was no evidence that the 2002 reform of the CFP improved decision-making, as was claimed at the time. We modelled the effects of such politically-driven decision-making on stock sustainability. Our results suggest that political adjustment of scientific recommendations dramatically increases the probability of a stock collapsing within 40 years. In 2012 European fisheries policy will undergo a once-a-decade reform. Ten years ago radical reforms were promised but the changes failed to improve sustainability. It is likely that the 2012 reform will be similarly ineffective unless decision-making is changed so that catch allocations are based on science rather than politics.
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