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The report finds that industrial salmon farming in the four primary producing regions (Norway, Scotland, Canada, and Chile) generated approximately USD$47.3 billion in private and external costs between 2013 and 2019. Economic losses are driven by high mortality rates and the cost of sea lice control, while environmental costs include carbon emissions, local pollution, and the depletion of wild fish stocks. Social costs are primarily linked to poor fish welfare and the diversion of forage fish from human consumption in developing regions like West Africa. The authors argue that current intensive farming practices are a 'false economy' and recommend a transition to alternative feeds and improved husbandry standards.