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Onion Eater,
I believe some form of military action might be helpful, but such action would need to comply with the Laws of War e.g., compliance would rule out indiscriminate bombardment. Attacks that target pirates, pirate facilities/boats and/or weapons would be legitimate.
Several possible steps might include:
1. Scheduling the passage of shipping so as to allow for naval escorts.
2. Capturing strategic points on the Somali coastline e.g., major ports used by the pirates. Merely raiding or clearing the villages probably won't provide a sustainable solution.
3. Creating a temporary secured zone comprised of those captured areas, with the African Union taking charge of security arrangements.
4. If or when--probably if, in the near-term--Somalia has a government capable of exercising jurisdiction in the captured areas, those areas could revert to Somalia. That understanding should be explicit, as Somalia is presently a failed state, but it should not be assumed that Somalia will remain a failed state over the longer-term. There needs to be flexibility to allow Somalia to regain control over its territory once it overcomes its failed state status.
5. Some form of international assistance for the Somali coastal communities so that the economic environment would become less attractive to piracy.
A UN Security Council resolution would be quite helpful in pursuing some of the above steps e.g., setting up a temporary protected zone. An understanding that is reached with the nominal Somali government and any leading Somali tribal elders could also be beneficial.
There is a possibility that agreements forged with Somali tribal elders might reduce the need for military action by reducing piracy. If that avenue is productive, then military operations might not be necessary or they could be more limited than described above.
In addition to this fact, I recommend sinking Somali pirate boats on sight.
If nothing else, it will make piracy more expensive, more risky, and less profitable.