"Piracy is the second largest generator of income in Somalia, yielding an estimated $200 million annually," Holt said, adding that as pirate financiers invest more and more in the success of their operations, "lucrative opportunities for local business have vastly expanded. A $4 million ransom will be injected back into the local economy, benefiting a community that once lived in abject poverty."
The reality of the situation is that, with 90% of the world's trade transported by sea, the opportunities are vast. On the question what governments can do to curb piracy, Holt told Marine Link that government would have to implement a strategy that does not solely rely on force.
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