Aquaculture is in general considered a risky sector. Most often, disease or market prices are listed as the biggest risks, but the sources of risk and their impact varies significantly by sector. The core of this project is a risk model that can be parameterized to reflect the circumstances in different U.S. aquaculture sectors from shellfish via ponds to RAS, and for different species. We started with shellfish models which are unique in that the species are not fed, a feature that makes other biophysical risks more important. The basic framework was expanded to fed aquaculture with different degrees of capital intensity and control. A number of studies were conducted to investigate different market and supply side sources for risk, while the production component primarily was due to interviews with producers. As a separate component, the model was also adopted to investigate the capital requirements for a farmer facing a given risk profile who wanted to avoided to by wiped out by a single shock with a specified probability.