Cost of piracy in Somalia in 2011

The cost of piracy in Somalia was estimated to be between $6.6 Billion to $6.9 Billion in 2011. The cost of piracy was over 110 percent of Somalia’s GDP in 2011.

Out of the total 439 piracy attacks that occurred in 2011, 275 attacks took place off the waters of Somalia.

Source: Annette Leijenaar and Timothy Walker, “Somalia: Rooting Out Piracy Starts On-Shore,” All Africa, July 9, 2012.