Squid Prices in Italy Increase Due to Climate Change

The price for fresh squid (todarodes sagittatus) in Italy skyrocketed to unprecedented levels in 2022. Fishers are selling squid at USD 15.39-16.41/kg in W32 while wholesalers and fisheries resell at USD 23.59-25.64/kg which is a 30% increase compared to July-August 2021. Water warming and rise in fuel prices are two of the main driving factors leading to reduced volumes and therefore increased prices.

In 2015, the European Commission banned the use of a controversial type of drift nets for fishing swordfish in all EU waters in an attempt to prevent the incidental catching of protected sea life. Resultantly, dolphins, who are squid predators, have reproduced exponentially in the Mediterranean, reducing the supply of squid available for fishing.

To make matters worse, fuel prices doubled in the past weeks due to the ongoing Russia-Ukraine war. Moreover, the ocean warming pushed squids to inhabit the bottom of the seabed, lower than 800 meters, a depth very hard for fishers to reach.
These factors altogether have reduced supply, increased cost and significantly increased the final selling price.