Without these important habitats in which to thrive, fish and sea life will cease to exist. Coral reefs contribute significant economic value to the US public. Coral reefs provide protection and shelter for many species of fish and sea life. They bring in tons of tourists. A coral reef may grow into a permanent coral island. When a coral reef supports fewer fish, plants, and animals, it also loses value as a tourist destination. Coral reefs provide a wide range of commercial and non-commercial benefits to human society. Coral reef systems in Florida, Hawaii, the Philippines, and Australia each account for more than $1 billion in tourist-related income each year. The socio-economic importance of coral reefs As hotspots for biodiversity, coral reefs provide important ‘ecosystem services’ that generate the conditions for human communities to settle and potentially thrive in coastal areas adjacent to the reefs. For this analysis of the economic value of coral Mass coral bleaching is a large-scale, bleaching event that appears to be linked with temperature variations related to global climate change. NOAA suggests that coral reefs in southeast Florida have an asset value of $8.5 billion, generating $4.4 billion in local sales Coral reefs play an essential role in everything from water filtration and fish reproduction to shore line protection and erosion It is 10 to 50 fathoms deep and suitable for navigation. Economic valuation of Guam’s coral reefs vii Despite this formal recognition of reefs’ importance to Guam’s economy, many human activities are still causing the degradation of reefs … During the most recent UN Summit on Biodiversity, many heads of state and the United Nations Secretary General recalled the copious socio-economic benefits of these ecosystems. Economic importance of corals Decorative value:Some corals are highly priced for their decorative value.eg. From the smallest shrimp to the largest predator, sea creatures find both food and protection on coral reefs. So this is really of great importance to our nation,” said retired Navy Rear Adm. Tim Gallaudet, an assistant secretary at NOAA. HUMAN IMPACT ON THE REEF 5(a) Importance of Coral Reefs Functions of Coral Reefs: Coral reefs are important for many different reasons aside from supposedly containing the most diverse ecosystems on the planet. Often called ‘rainforests of the sea,’ coral reefs are home to a spectacular variety of organisms. Coral reef, ridge or hummock formed in shallow ocean areas by algae and the calcareous skeletons of coral polyps and other coelenterates. But this figure rises to 20-25% in developing countries, and 70-90% in Southeast Asian countries. Economic Value for US coral reefs from the seven states and territories with coral reefs (American Samoa, Florida, Guam, Hawaii, Puerto Rico, Commonwealth of the North Mariana Islands and the US Virgin Islands). 54 REEFS AT RISK IN THE CARIBBEAN often fail to account for the very large sector of the fishery-that operates outside the formal markets, notably for home and local consumption.) Coral reefs are a great source of income too. Coral reefs have been dubbed the ‘gardens of the sea.’ Burke and Maidens (2004) describe them as both physical structures and complex ecosystems. Coral reefs Economic Development Coral reefs are considered to be the backbone of a country’s economy. The international community has recently been recognising the importance of coral reefs with fresh zeal. Coastal protection: coral reefs reduce shoreline erosion by absorbing energy from the waves: they can protect coastal housing, agricultural land and beaches. 8. Coral reefs are of substantial social, cultural, and economic importance. The economic contributions of coral reefs is so vast in fact, that initiatives have been put in place to restore reefs in various places, including Florida and the Caribbean³ (Image 1). Speeches and statements are currently abounding, creating an urgency to act. They are not only of great importance for nature, but also have a very high value to us humans. fire coral, Pocillopora verrucosa and Acropora hemprichii Jwellery and ornaments:Precious corals like Corallium nobile or C. rubrum are used in jewellery and ornaments. Healthy coral reefs contribute to fishing and tourism, providing millions of jobs and contributing to economies all over the world. NOAA said that increasing population growth rates, along with economic and industrial development, has resulted in “unprecedented pressure to coral reefs… Eight percent of all of the world's population lives within 100 kilometers of a coral reef. Coastal protection: coral reefs reduce shoreline erosion by absorbing energy from the waves: they can protect coastal housing, agricultural land and beaches. “The economic impacts of coral reefs in the United States are around $3.4 billion annually. So this is really of great importance to our nation,” said retired Navy Rear Adm. Tim Gallaudet, an assistant secretary at NOAA. The objectives of By one estimate, coral reefs provide economic goods and services worth about $375 billion each year. Coral reefs are economically important for a variety of reasons. Economic Values of Coral Reefs, Mangroves, and Seagrasses: A Global Compilation 2008 i Foreword T ropical marine and coral reef ecosystems, including mangroves and seagrasses, are vulnerable environmental resources that AN Habitat. The Economic Value of the Coral Reefs of Saipan, CNMI 1 Executive Summary Saipan’s beautiful fringing and barrier coral reefs are scattered along the 68 km coastline. Economic value coral reefs Coral reefs are extraordinarily valuable ecosystems. Several organizations have partnered together to Here we explore the ecological roles of sharks on coral reefs and, conversely, the importance of reefs for sharks. They: This is how climate change is redistributing coral reefs After 13 years of research, scientists know how to save the world's coral reefs So it’s crucial we preserve the world’s reefs from the increasing threat of warming ocean temperatures, pollution and mass bleachings. Coral reefs are some of the most diverse ecosystems in the world. Coral reefs are a vital resource in thelow-islandRepublic ofMaldives,where the sustainable use of these resources is central tothe continuedeconomic success of the country’s twolargest sectors: tourism andfisheries.This recognitionhas ledtonumerous reef conservationand One of the importance of coral reefs to the fishing industry is then to accomodate those who are unemployed. importance of coral reefs and ecosystem goods and services, and provides a brief overview of economic valuation methods. People generates a lot of income from fishing in the water. Approximately half of all federally managed fisheries depend on coral reefs and related habitats for a portion of their life cycles. Economic Value of Coral Reefs in Palau Yoko Fujita*, Kaoruko Miyakuni*, Lincy Lee Marino** *University of the Ryukyus, **Palau International Coral Reef CenterPICRC Technical Report 18-12 2 Abstract The aim of this research is Coastal Capital: Economic Valuation of Coral Reefs in the Dominican Republic by Jeffrey Wielgus , Emily Cooper , Lauretta Burke and Ruben Torres - April 2010 This working paper looks at the benefits that coastal ecosystems provide to the Dominican Republic. The importance of coral reefs, however, extends far beyond the pleasure it brings to those who explore it. Coral reefs contribute significant economic value to the US public. The economic importance of this ecosystem is significant “The economic impacts of coral reefs in the United States are around $3.4 billion annually. We find that most reef-associated shark species do not act as … “Well-managed” reefs can yield between 5 and 15 tons of fish Whereas people can turn to them for income resources when the other sources of employment are unavailable. And coral reefs are important to our economy, too. Many of these Many of these benefits, or ‘ecosystem goods and services’ are of high value and critical importance to local and national economics. Coral polyps, the animals primarily responsible for building reefs, can take many forms: large reef building colonies, graceful flowing fans, and even small, solitary organisms. Scientists develop important drugs from coral reef Coral reefs provide about 10% of the fish caught worldwide. Income: Coral reefs and related ecosystems have a global estimated value of ‘$2.7 trillion per year, or 2.2% of all global ecosystem service values’, this includes tourism and food. 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