March 17, 2026 — In public finance, some costs are politely kept off the books. The ocean has long been one of them. Governments often speak of “blue growth” and “sustainable use,” yet many policies still treat marine ecosystems as a kind of free input: available, resilient, and cheap to replace. The result is ecological decline. It is also a fiscal problem. States end up assuming risks they would not tolerate on land.
Fishing provides a clear example. For decades, a large share of industrial effort has been propped up by public money. One influential analysis of high-seas fishing found that governments subsidized high-seas fleets by about $4.2 billion in 2014—more than the estimated net economic benefit of that fishing—and that without subsidies, as much as 54% of the high-seas fishing grounds currently exploited would have been unprofitable at the prices and costs prevailing at the time.