Future harvest of living resources in the Arctic Ocean north of the Nordic and Barents Seas: A review of possibilities and constraints

•Ice reduction and changes in oceanography in the Arctic Ocean may result in favourable conditions for increased biological production.•Expected climate-change driven changes in the Northeast Atlantic Arctic are reviewed, starting with current status and the history leading up to it.•The entire polar ecosystem is included, from oceanography via plankton and benthos, and finally focus on fish and mammals.•Despite many uncertainties, it is evident that both fish and mammal species may extend their ranges northwards following the observed changes in oceanography and productivity at lower trophic levels.