The total circumpolar abundance of Antarctic krill (Euphausia superba) is e
stimated using recent measurements of krill density from acoustic surveys a
nd historical information on the overall range of krill. The biomass estima
tes fall between 60 and 155 million tonnes at the low end of values that ha
ve been suggested in the past. The differences between our estimates and ot
hers can be explained by a number of factors such as: an underestimation of
the range or the acoustic biomass estimates; the possibility of a large, u
ndetected krill population; and the overestimation of the demand for krill
by predators. Even if these low krill biomass estimates are correct, region
al and total precautionary limits are still likely to rise as a result of n
ew surveys because the method used to calculate precautionary limits uses a
value of 11% of the estimated pre-exploitation biomass. Additionally, the
current precautionary catch limits in the South Atlantic are set using a su
perseded acoustic target strength which has effectively underestimated the
krill biomass by a factor of three, so the new survey of the South Atlantic
in January 2000 may result in an effective biomass which is greater than t
he value used in the past. The seasonal and local consequences of large cat
ch limits will have to be taken into account when managing an expanded kril
l fishery, and the appropriateness of using the existing statistical divisi
ons as management areas will have to be considered.