The shortwave radiation constitutes a major driving force for the oceanic thermohaline circulation and must be accurately parameterized. An extensive comparison between the monthly mean solar radiation measured at numerous meteorological stations along the Mediterranean coast and the estimated solar radiation from a widely used bulk formula leads to two important conclusions: first, there is systematic overestimation of the shortwave radiation from the bulk formula at the station sites of about 25 W m-2 (averaged over a 30 year period), and second, there is significant interannual variability in the observed solar radiation that cannot be explained either by the variability in the available data for the cloudiness or by the absorption due to water vapor content in the atmospheric column. As the overestimation occurs during summer cloud-free months, we assume that cloud attenuation is adequately parameterized and the discrepancy between the observations and the estimates comes from the formula for clear-sky insolation. A correction to the clear-sky insolation formula is attempted on the basis of recent satellite data on aerosol optical thickness index. Results from our analysis indicate that aerosols may provide an explanation for both the observed weaker shortwave radiation and its interannual variations. This implies that a different parameterization scheme must be sought for the aerosol attenuation in the shortwave radiation formula.