Abstract Global warming is expected to affect the ecosystem in the Northeast Atlantic, and substantial changes will also affect the aquaculture industry. Farming of salmon and trout is the biggest aquaculture industry in Norway, with an export value of about 3 billion US dollars in 2007. The objective of the paper is to analyze the potential economic effect a general increase in sea temperature can have on the Norwegian salmon aquaculture industry. The assessment of the economic impact of global warming is made possible by estimating a growth function, which explicitly includes sea water temperature. The analysis compares the economic effect of a climate change on fish farming plants in the south and the north of Norway. The scenarios are based on a model with monthly seasonal variation in temperature.