Estimating the economic impacts of climate change on 16 major US fisheries

Observational evidence shows marine species are shifting their geographic distribution in response to warming ocean temperatures. These shifts have implications for the US fisheries and seafood consumers. The analysis presented here employs a two-stage inverse demand model to estimate the consumer welfare impacts of projected increases or decreases in commercial landings for 16 US fisheries from 2021 to 2100, based on the predicted changes in thermally available habitat. The fisheries analyzed together account for 56% of the current US commercial fishing revenues. The analysis compares welfare impacts under two climate scenarios: a high emissions case that assumes limited efforts to reduce atmospheric greenhouse gas and a low emissions case that assumes more stringent mitigation. The present value of consumer surplus impacts when discounted at 3% is a net loss of $2.1 billion (2018 US$) in the low emissions case and $4.2 billion in the high emissions scenario. Projected annual losses reach $278–901 million by 2100.