The cod stocks in the Baltic Sea are important not only for fisheries but for the entire ecosystem utilized by numerous stakeholders around the coast. All such activities have economic values. In this note the economics of the Swedish Baltic Sea cod fishery is estimated in relation to the sector’s interaction with other users of the Baltic Sea ecosystem. The results show a negative resource rent for the fishery, € -5 million without public expenses (subsidies and administrative costs), and € -13 million including public expenses. The interactions between the fisheries and tourism, seal population, carbon dioxide emissions, recreational fishing, and discards are discussed, and when monetary estimates are available these are related to the estimated resource rent.