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This paper puts forward a framework for probabilistic and holistic cost-effectiveness analysis to provide support in selecting the least-cost set of measures to reach a multidimensional environmental objective. Following the principles of ecosystem-based management, the framework includes a flexible methodology for deriving and populating criteria for effectiveness and costs and analyzing complex ecological-economic trade-offs under uncertainty. The framework is applied in the development of the Finnish Programme of Measures (PoM) for reaching the targets of the EU Marine Strategy Framework Directive (MSFD). The numerical results demonstrate that substantial cost savings can be realized from careful consideration of the costs and multiple effects of management measures. If adopted, the proposed PoM would yield improvements in the state of the Baltic Sea, but the overall objective of the MSFD would not be reached by the target year of 2020; for various environmental and administrative reasons, it would take longer for most measures to take full effect.

Monitoring data facilitate the basic understanding of changes taking place in nature and provide information for making management decisions, but environmental monitoring is often considered expensive. Here, we apply the concept of value of information to evaluate the value of marine monitoring in the EU Marine Strategy Framework Directive context. We estimated the costs of the Finnish marine monitoring program and used the costs and economic benefits estimates of the Finnish marine strategy to assess the value of environmental monitoring. The numbers were applied to scenarios with different levels of information available prior to management decision-making. Monitoring costs were related to the value of perfect information prior to the management decision, assuming that managers will choose the management option that maximizes the benefits. The underlying assumptions of the conceptual model are that more accurate information about the status facilitates the selection of an optimal set of measures to achieve the environmental objectives and the related welfare gains from the improved environmental status. Our results emphasize the fact that monitoring is an essential part of effective marine management. Importantly, our study show that the value of marine monitoring data is an order of magnitude greater than the resources currently spent on monitoring and that an improved knowledge base can facilitate the planning of more cost-effective measures.

The successful conservation of gray seals has led to increased seal‐induced damage to the Atlantic salmon fisheries of the Baltic Sea. This paper addresses the conflict between the conservation of a formerly endangered species, the gray seal, and professional fishermen, whose livelihoods are affected by both seal‐induced damage and salmon fisheries management. We develop a bioeconomic model that incorporates the age structure of Atlantic salmon and gray seal populations. To determine the social optimum, we maximize the discounted net present value of the trap net fishery, taking into account the presence of seals in the form of seal‐induced losses, which we describe using a damage function. By choosing the optimal combination of fishing gear over time, we obtain the socially optimal fishing efforts, salmon stock size, and salmon catch. In addition, we study the private effects of introducing a technology subsidy aimed at mitigating the seal‐salmon conflict. The results suggest that technological adaptation would effectively reduce the cause of the conflict, while a technology subsidy encouraging such adaptation would shift the economic responsibility from individual fishermen to the broader public.