The Booty Business Price Tag for Somali Piracy Surges

International piracy is emerging as a market in its own right, one that cost the global economy an estimated $8.3 billion in 2010. Efforts to contain the problem are having little impact, and the costs of lost booty, ransom and other costs associated with pirates could double within a few years.
International naval operations have failed to curb the rapid growth of piracy, particularly near the Gulf of Aden off the coast of Somalia.

International naval operations have failed to curb the rapid growth of piracy, particularly near the Gulf of Aden off the coast of Somalia.

Foto: CARLOS DIAS/ dpa
-- kla