The Economics of Ecosystems and Biodiversity (TEEB) study indicates Coral reefs generate up to US$189,000 per hectare in terms of coastal defenses and "natural hazard management" annually

Coral reefs are now understood to have a critical range of ecosystem service values – for natural hazard management (up to 189,000 US$/hectare/year), tourism (up to 1 million S$/hectare/year), genetic materials and bio-prospecting (up to 57,000 US$/ha/year), fisheries (up to 3,818 US$/ha/year).

These benefits are site-specific – so a global loss of coral reefs will impact communities differently. Lost benefits will be lowest in places with few people, poor ecosystem quality or limited accessibility – but dramatic for island and coastal communities where fish protein can make up half the protein intake as well as for jobs and local economic development in areas dependent on tourism. There is a large variability in the values, particularly for tourism, which can be a major source of income in some areas and irrelevant in others. The lowest values generally correspond to sites with limited accessibility or facilities for tourism, while the very high values relate to international tourism hotspots.

Video:

Cold Water Corals
One of the most startling discoveries has been the abundance of coral reefs, living hundreds of metres below the surface of the sea, at around 4 to 13 degrees centigrade. What's more, many of these reefs seem to play a significant role in the health of sea life in the area, and harbour an incredible diversity of life.

Resources:

TEEB for Policy Makers - Report

Nature’s multiple and complex values have direct economic impacts on human
well-being and public and private spending. Recognizing and rewarding the value delivered to society by the natural environment must become a policy priority.