Proactive policies to protect and restore the health of the world’s coral reefs could generate a substantial economic gain, provide important societal benefits, including to local communities, and help deliver the UN Sustainable Development Goals. This study presents new analysis of the value, costs and benefits of the coral reef economy to highlight that shifting the trajectory of coral reef health from one of continuing decline towards a healthy state could unlock tens of billions of dollars in additional value. The findings show that this shift can be largely achieved through strategic interventions using available tools and methods, indicating that the goal of closing the gap between the forecast benefits of a healthy reef and the current trend towards coral reef degradation is within our reach.