The blue bioeconomy is important to many communities in the Arctic as it is a source of food and other valuable living resources, creates value and employment and strengthens scattered settlements. Within the project was the blue bioeconomy of selected areas; Iceland, Norway and Northern Canada examined in terms of its status, main opportunities and threats. The results of the project were summarized in the final report. The report includes, in addition to analyzes of the blue bioeconomy of the three regions, a chapter on the blue bioeconomy of Alaska, a chapter on the Inuit view of the blue bioeconomy and a chapter on the markets for the various marine raw materials. The project was carried out for the Sustainable Development Working Group (SDWG) and fell under the Icelandic Presidency of the Arctic Council (2019-2021).
An analysis of the blue bioeconomy of the three Arctic regions clearly showed great variability between regions and that it is not possible to speak of a single blue bioeconomy in the Arctic. This is due to the diverse natural, economic and social conditions in the Arctic. The development of the blue bioeconomy and regional emphases within it also differ, as well as the changing cultural understanding of it. Nevertheless, there are important common interests within the Arctic and the region can benefit from increased co-operation and mutual support to further strengthen the blue bioeconomy.