The economic valuation of biological resources and ecosystem services in the Sea of Okhotsk

Abstract

The total monetary value of the harvestable stocks of commercial aquatic species in the Sea of Okhotsk, based on the Forecast of the Total Allowable Catch for 2014 and world prices for seafood, is estimated at $23.5 × 10⁹ USD/year. The potential value of all the surveyed biological resources in the sea (including potential ones) in the case of their more complete economic use, $58.5 × 10⁹ USD/year, is determined using the databases on macrofauna in the pelagic and benthic zones of the Far Eastern seas. Taking the mean value of ecosystem services per unit area in some parts of the World Ocean into account, the total value of ecosystem services for the Sea of Okhotsk may constitute $294.4 × 10⁹ USD/year. The ecosystem services whose market values cannot be determined have a much higher cost than the traditionally exploited biological resources. The value of ecosystem services expressed in monetary terms can be considered as a tool to enhance the conservation importance of natural complexes in the course of the implementation of various industrial projects.