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The relationship between the physical effects of climate change and effects on the ecosystem is complex. It is impossible to tell what climate change will to do biological resources in the Arctic.
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The government of Russia has finalized a state program for oil and gas exploration. The project is worth around 225-250 billion USD, the government putting in around 40 billion USD.
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The civilizations of northern Europe commercialized fishing, taking cod and herring in the seas off Norway and European Russia. During the past and recent years the Arctic and the Sub-Arctic was and will be a valuable food production area and has supplied over the years valuable nutrition for the south.
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Five species fill up just over 50 percent of the fisheries in the northwest Atlantic Ocean.
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Fishing is the most important economy in Greenland, and a huge factor in Iceland.