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Report: Costs related to Somali piracy cut in half

The declining number of pirate attacks off the coast of Somalia has reduced costs related to anti-piracy efforts by 50 percent, down to USD 3.2 billion, according to a new study. West Africa is still highly problematic.

The costs related to fighting piracy off the coast of Somalia have been drastically reduced this past year.

A reduced number of incidents in the Gulf of Aden in 2013 has cut the global costs related to anti-piracy efforts in half, down to USD 3.2 billion, compared to 2012, according to a new study performed by project Oceans Beyond Piracy, part of private US fund One Earth Future Foundation.

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