Pirates & Privateers : How much did Somalian piracy cost the global economy?

Question of Mephisto (11.12.2015): How much did Somalian piracy cost the global economy?

A: Somalian piracy would have cost about US$18 billion (13.9 billion Euros) in losses in world trade during 2012 according to sources from the World Bank.

The ransoms paid annually cost 40 million Euros, a drop in the sea...
The countries surrounding Somalia also suffer from piracy seeing greatly reduced tourism as well as the yields of the fishing industry. Tourism and exports in fishing products grew 25% slower.
The World Bank states in its report that "Piracy costs the global economy 300 times more than the amount of ransoms annually paid to pirates."

This is indicated by the civilized countries. But what happens in reality is another thing:

Globalization has intensified since the end of the Soviet Union had given rise to an increase in trade by ship. Then the opening of the Asian economy accentuated this phenomenon. The ships have become obvious targets for those who want to enrich themselves.

The civil war in 1991 brought down the central Somalian government since the fall of the Siad Barre regime in 1991. Since then all countries complaining of the global economy falls, benefits to plunder the Somalian waters without anyone objecting. Deprived of their resources the Somalian fishermen were angered and became pirates. Somalian piracy became more intensive when the merchant ships started paying ransom to pirates millions of dollars, and this is how Somalian piracy has become a real business.

In 2004 a tsunami devastated the coasts of Somalia, which has destroyed the fishermen's working ground. Containers stuffed with hospital and radioactive industrial waste were washed up on beaches. This revealed that Somalia had served as the trash can for European companies and some other rogue countries. Thus pirate attacks increased exponentially since 2004.

We always hide behind the economic and legal issues, such as international maritime laws have been designed largely around the principle of freedom of navigation still largely governed by the Montego Bay Convention. However, this text was drawn up and ratified by the States when piracy was not a strategic threat.

Piracy could appear as an epiphenomenon, but it can be the cause of a real strategic problem because it poses a risk to supplies to have to have to utilize longer shipping routes.

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