Somali Piracy Costs The Global Economy $12 billion

A pirate at the coastline of Somalia. Political instability and civil strife in the country have spurred piracy in the Indian Ocean into a global problem. AFP

Study Finds Somali Piracy Could Cost Global Economy $12 Billion -- Business Daily

Twenty years ago, when the government of Somalia collapsed, few imagined that the country’s ongoing state of lawlessness would eventually spawn piracy on such a scale that the security of the western Indian Ocean region could be threatened.

At first, many assumed that pirate attacks on passing ships could be quickly stifled. But the problem has grown into a global malady that so far has warranted seven United Nations resolutions, one of which authorised “all necessary means to repress piracy and armed robbery at sea”.

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My Comment: A staggering problem that shows no sign of decreasing. If anything .... Somali piracy is getting worse.