Piracy in Somalia costs billions
For every $120 million seized by pirates in Somalia, the cost to the shipping industry and the end consumer is between $0.9 and $3.3 billion, according to research by Tim Besley (LSE and the IGC Steering Group), Thiemo Fetzer (LSE) and Hannes Mueller (Barcelona GSE). This money is enough to employ well over a million Somalis for a whole year.