EU maritime economy and COVID-19

Abstract

The coronavirus pandemic triggered a large-scale global crisis that affected the economy of the European Union. The purpose of the study is to assess the impact of crisis on the state and prospects of the EU's maritime economic activities. The affected maritime sectors are associated with the Blue Economy concept as a new environmentally-oriented format of the Maritime Economy. The analysis revealed that this included coastal tourism, fisheries, aquaculture, port activities, and maritime transport. Several sectors, including coastal tourism and aquaculture, ensure the implementation of a long-term Blue Growth strategy. The article identifies factors that affect the prospects of the EU's Blue Economy in unfavorable conditions. Some of them may have a negative impact on the implementation projects in the maritime sector and cause additional economic threats. Meanwhile, the European Union plans to solve a wide range of problems associated with new approaches to maritime management. This idea demonstrates the importance of the Maritime Economy and the Blue Economy for the EU, as well as possible directions for the restoration and development of maritime activities. First of all, this concerns the allocation of targeted assistance to the fisheries and aquaculture in the context of ensuring food security. In addition, the Blue Economy should facilitate the recovery of the EU economy in the post-crisis period, as well as contribute to the implementation of the European Green Deal.