The Aral Sea is located in Central Asia; it lies between Kazakhstan, Karakalpakstan, and Uzbekistan. Since the 1960’s the sea has been drying up at a rapid rate. Throughout this paper I will explain why the desiccation of the Aral Sea is a problem, discuss the market failures that have led up to this problem, and demonstrate how I would value five possible benefits of solving this problem. As a result of the Aral’s desiccation there have been severe environmental, economic and social consequences. Some of these consequences are a loss of biodiversity, dust storms, severe health issues, increased unemployment, and loss of recreational activities. Several market failures have led to the problem including externalities and overexploitation. With a crisis this big it is clear that action needs to be taken in order to save the Aral Sea. There are various benefits to finding a solution to this problem; one can value these benefits through economic valuation methods. Yet, first it is important to understand why the desiccation of the Aral Sea is considered one of the biggest natural resource disasters of the 20th century.