Coral reefs are important for various reasons, such as providing habitat and shelter for a wide variety of marine life, protecting coastlines from erosion, and supporting local economies through tourism and fisheries. They also play a crucial role in maintaining biodiversity in the oceans and are often referred to as the "rainforests of the sea" due to their high levels of biodiversity. Additionally, coral reefs are important for carbon and nitrogen fixation, helping to regulate the global climate and nutrient cycles.