Although fluctuations in the biomass of small pelagic fish are strong and rapid, they are largely investigated as individual events or generalized to what is common across several species and populations. The Barents Sea capelin population, which experienced four large decreases in biomass between 1980 and 2016, can be used to compare the similarity of causes and sequence of events leading up to large biomass decline in the same population. Here, we used an age-structured state-space model to investigate the possible contributions from somatic growth, food availability, temperature, predation by Atlantic cod, herring interactions, and/or fisheries on the capelin biomass declines. We recalculated total biomass while perturbing these effects and assessed the change in total biomass. We did not find a single, common cause for the dramatic biomass declines. Although median biomass increased in several of the scenarios, a large decline in total biomass was mostly retained. Atlantic cod predation and food availability influenced adult capelin biomass. Food availability mainly impacted the first period, while the importance of Atlantic cod predation increased from the first period to the third period. Reducing larval mortality from herring interactions or temperature did not suppress the biomass declines. Recruitment failures were maintained due to a combination of process errors and uncertainty in the effect of spawning biomass, and thus fisheries, on age 0 abundance. The impact of each perturbation depended on the specific ecosystem context at the time of the biomass decline.