OPEN ACCESS FISHERIES
A main problem of overfishing is the “open access” nature of fisheries. Because there are no or few property rights there is a lack of incentive for fishermen to leave fish in the water.
POOR FISHERIES MANAGEMENT
A lack of management oversight, government regulations, and traceability of fishing activities has long been a problem in the fishing industry. Current rules and regulations are not strong enough to limit fishing capacity to a sustainable level. This is particularly the case for the high seas, where there are few international fishing regulations, and those that exist are not always implemented or enforced. Many fisheries management bodies are not able to adequately incorporate scientific advice on fish quotas, and customs agencies and retailers cannot always ensure that the fish entering their country is caught legally and in a sustainable way.
One key dimension of the overfishing crisis is illegal, unregulated, and unreported fishing. It occurs across all types of fisheries, within national and international waters, and small scale to large industrialized operations. Illegal fishing accounts for an estimated 20% of the world’s catch and as much as 50% in some fisheries. The costs of illegal fishing are significant, with the value of pirate fish products estimated at between $10-23.5 billion annually.
Many governments still continue to subsidize their fleets, allowing unprofitable operations to subsist, and overfishing to occur. Today’s worldwide fishing fleet is estimated to be up to two and a half times the capacity needed to catch what we actually need.