EU Blue Economy Report 2024: innovation and sustainability drive growth

A new edition of the EU Blue Economy Report has been released, providing an in-depth analysis of Europe’s blue economy sectors and their performance based on the latest available data.

The blue economy covers all economic activities related to or related to oceans, seas and coastlines. This covers a wide range of economic sectors such as fisheries and aquaculture, coastal tourism, shipping, ports and marine renewable energy.

The EU’s blue economy is overall in good shape

The EU’s blue economy is in good shape, with emerging sectors such as ocean energy, blue biotechnology and desalination leading the way and creating new business opportunities.

The latest data published by Eurostat for 2021 shows that the blue economy in general in the EU

employs 3.6 million people (+17% compared to 2020)
has almost a turnover 624 billion euros (+21% compared to 2020)
Bills for 171 billion euros in gross value added (+35% compared to 2020)

Key trends

The report highlights the evolution of blue economy sectors since 2009, with a focus on key socio-economic trends in 2020-2021.

Despite the negative impact of the Covid-19 pandemic and the increase in energy prices caused by Russia’s unprovoked invasion of Ukraine, most blue economy sectors in the EU have improved their economic performance, with the exception of coastal tourism, which will continue to recover in 2021.

In 2015-2021 something significant happened increase in nominal gross value added IN

Offshore wind energy: +326%
Shipbuilding and repair: +54%
Sea transport: + 29%
Marine living resources: +27%
Port activities: + 11%

Leading sectors

More specific, coastal tourism remained the largest sector of the blue economy, generating 29% of the EU’s gross added value of the blue economy in 2021.

In terms of employment, coastal tourism was also by far the largest sector of the blue economy (54%). However, it was also the sector most affected by the Covid19 crisis and has not fully recovered in 2021.

Maritime transport it is the second largest blue economy sector in terms of turnover, generating almost a quarter of the EU’s blue economy gross value added in 2021.

The marine renewable energy the sector (mainly offshore wind) also recorded upward trends, with gross profits estimated at EUR 2.4 billion and gross value added of EUR 3.3 billion in 2021, an increase of 45% compared to 2020.

The marine living resources (fisheries, aquaculture, processing and distribution of fish products) recorded an increase of 24% compared to 2020, and gross profit in 2021 amounted to EUR 9.7 billion.

Energy transformation in focus

This year’s edition is dedicated to the contribution of all sectors of the blue economy to the energy transformation. The report shows the significant economic importance of sectors such as blue biotechnology and desalination, and points to significant growth in marine renewable energy. The EU is a leader in generating energy from waves, tides and offshore wind. A step forward towards achieving the EU’s renewable energy and climate targets.

Less positive news for the EU fishing fleet as the report shows that despite a 25% drop in fuel consumption and CO emissions₂ emissions recorded in 2009–2021, fuel efficiency has deteriorated in recent years due to rising fuel prices. From 2023, the Energy Transition Partnership for the EU fisheries and aquaculture sector, an EU-led initiative, supports the sector’s transition to cleaner energy sources, thereby helping to reduce the sector’s current dependence on fossil fuels, which is not only environmentally unsustainable , but also makes it vulnerable to increases in energy prices.

The impact of climate change: a costly outcome

The new edition of the report illustrates the potential impact of climate change on the blue economy along the EU coast.

The analysis shows that if current levels of coastal protection are not improved, annual economic damage will result from: coastal flooding could Reach ranging from €137 billion to €814 billion by 2100 under alternative emission and mitigation scenarios, highlighting in particular the vulnerability of coastal communities living in the EU’s outermost regions.

Background

The EU Blue Economy Report is the annual flagship publication of the Directorate-General for Maritime Affairs and Fisheries and the Joint Research Center of the European Commission. Offers an in-depth analysis of the scope and size of the blue economy in the European Union. This year we are publishing its seventh edition, which presents the latest available data (2021).

In conjunction with the EU Blue Economy Observatory platform, the report provides an overview of key socio-economic performance indicators by sector, activity and country. In addition to providing more regular updates, the observatory sheds more light on the potential for economic growth, the transition to sustainability and job creation in blue economy sectors.

More details on analytical methods can be found on the Blue Economy Observatory website. Further analysis will be published throughout the year, with the latest data as it becomes available.

More information

EU Blue Economy Report 2024