Coral Reefs!
3
The Economics Within Coral Reefs
Industries surrounding coral reef ecosystems rake in billions of dollars annually. They provide thousands of jobs and attract tourists from around the world. So why are humans destroying them?
Coral reefs are often referenced as the rainforests of the sea. This is because of their high ecological function as well as their regrettable and sudden disappearance. They are incomprehensibly complex as they are diverse, and are one of the most unique ecosystems on the face of the planet. They cover 280,000 km2 of Earths surface and are home to over one million separate species [1][3]. Their beauty attracts millions of tourists and scuba divers from around the world, bringing in an estimated revenue of $9.8 billion dollars (USD) [2][6]. Coral reefs provide some of the worlds most valued fish and crustaceans; an additional $5.6 billion dollar revenue [1]. Including coastline protection, jobs and medicine, the WMO estimates the value of coral reefs to be around $30 billion USD annually. In a more extensive estimate, including the coastal security, and ecological/economic services reefs provide, the NOAA estimated the intrinsic value of coral reefs was closer to $375 billion annually [1]. This yields a value anywhere from $100,000 to $600,000 per km2 of coral reef [3].
So why are they being destroyed?
In order to answer this question we need to first consider a vital concept: reliance. An estimated 94 nations around the world rely on benefit from industries around coral reefs [4]. Of the 94, 25 can account over 15% of their GDP to business activities in reefs [4]. In addition to governments, over one billion people around the world directly rely on reefs for food and income [6]. This is a massive amount of demand. Fisherman, jewelers, and corporations all want a piece of the riches lying just beneath these shallow tropical waters. However, this leads us to a critical problem. Like rainforests, coral reefs only inhabit a small corner of our world. In fact, they only cover about 0.015 % of the oceans floor [6]. This creates a grave demand/supply gap on both a local and global level. In order to sustain profits, companies and individuals maximize their efforts and presence in coastal areas. More shells and coral are harvested to satisfy global and tourist demands. Unsustainable fishing practices are taken up that deplete aquatic wildlife populations and destroy habitat beyond sustainable yield. Subsequent development in coastal areas increases pollution, waste dumping, and irresponsible land use. This increase in human presence along shores poisons reefs and alters the salinity and temperature of the water; both vital factors in coral reefs. Today it is estimated 20% of coral reefs are completely destroyed with no immediate comeback [1]. 24% show imminent risk, with an additional 26% showing long term risk leaving us with a phenomenal 75% of reefs worldwide are under threat [1][4]. Only 40% of the 16% of reefs damaged in 1998 have shown any signs of comeback [1]. The economics of our time have effectively pushed our consumption of coral reefs to the breaking point.
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