Sudden increase of demand of high speed craft, especially fast passenger-cargo ferries and catamarans in the last few decades, has made it necessary to respond in a timely manner to the set of negative impacts that such vessels cause with high speeds near coastal areas. All relevant literature was investigated in this paper, as well as the reports, scientific articles by different databases, and collected data was evaluated by analyzing the content and mitigation measures by specific categories in order to emphasise the importance of potential negative effects of wakes. In addition to the mechanism of wake generation and physical characteristics of waves generated by vessels in coastal areas, a critical overview of the investigated impacts is presented, which includes: impact on safety (lives, vessels, structures), and environmental impact (hydro-morphological impact, impact on flora, fauna and cultural heritage). Particular attention is paid to the analysis and review of applied methods of risk assessment and adoption of measures in various countries where such research has already been conducted to a certain extent, in order to compile a set of effective recommendations that can be applied to reduce negative impacts. Since the previous researches mostly cover some impacts individually, it is also pointed out, among other recommendations, the importance of conducting concrete comprehensive coordinated research on this topic with an emphasis on the Adriatic Sea area, which is unique in multiple locations in terms of safety and environmental aspect, as well as in terms of the aspect of preserving the cultural heritage.