The Great Barrier Reef has a total asset value of $56 billion and is "too big to fail", according to a new report.
Using economic modelling, it said the reef - bigger than Britain, Switzerland and the Netherlands combined - was worth Aus$29 billion to tourism, supporting 64,000 jobs.
"Coral mortality during the third global bleaching event has been among the worst ever observed, including at World Heritage reefs; e.g., Great Barrier Reef (Australia), Papahānaumokuākea (USA) and Aldabra Atoll (Seychelles)", noted the report.
But without ramped-up protection efforts, it warns much of that could be at risk as the reef suffers from repeated mass coral bleaching events, poor water quality and climate change.
Australia's Great Barrier Reef has been valued at 56 billion Australian dollars (42.44 billion US dollars) on Monday, according to a new report into the economic benefits provided by one of the country's most iconic tourism destinations.
It states the brand value, or Australians that have not yet visited the Reef but value knowing it exists, as $24 billion. Some of the options explored included developing coral nurseries, strategies to boost culling of crown-of-thorns starfish, expanding monitoring systems and identifying priorities sites for coral restorations.
Great Barrier Reef Foundation director Steve Sargent said the study showed that no single Australian asset contributed as much to global perceptions of "Brand Australia".
"At $56 billion, the reef is valued at more than 12 Sydney Opera Houses".
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The report follows a summit held in May by the Australian government with marine experts to draw up a plan for how best to tackle the destruction of the Great Barrier Reef.
"Any failure to protect this indispensable natural resource would have profound impacts not only to Australia but around the world", he added.
"There has never been a more critical time to understand precisely what the reef contributes and, therefore, what we stand to lose without it", said Dr John Schubert, the chairman of the reef foundation, which works to address environmental threats.
The report was based on previously published data, a new survey of more than 1,500 Australians and residents from 10 other countries, and consultations with stakeholders.
Key to the talks was the need to slash greenhouse gas emissions to prevent warming sea temperatures.
There is a lot the business and scientific communities can do on the issue of climate change O'Mahony stressed, and added that the objective of the study is to show just how precious the Great Barrier Reef is to all Australians, and the globe as a whole.
AAP is seeking comment from federal environment minister Josh Frydenberg.
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