A major perturbation of the global carbon cycle ~55 million years ago, believed to result from release of 1000--2000 Gt of C from methane hydrates, correlates with an intense but transient greenhouse warming event known as the Paleocene Eocene Thermal Maximum (PETM). The rapid (105 years) recovery of global temperatures reflects important negative feedbacks in the climate system and carbon cycle. Enhanced marine productivity may be one important feedback, but indicators for productivity changes have yielded conflicting results. Here we use a new independent indicator, Sr/Ca in coccolith carbonate, which covaries with the productivity of coccolithophorid algae, to investigate the biotic response in the most complete PETM deep sea record which was recovered at ODP Site 690 in the Weddell Sea. In the dominant coccolithophorid genus Toweius a large (40%) Sr/Ca increase immediately after the gas hydrate release signals a dramatic productivity increase. Productivity levels remained high for 60,000 years but decreased to pre-event levels by 120,000 years after the gas hydrate release. Productivity levels during the PETM are higher than observed at any other time in our ~400,000 year record. Other coccolithophorid genera Chiasmolithus and Discoaster show a brief modest (25% Sr/Ca increase) increase in productivity that lags behind the methane event by 50,000 years and is within the range of productivity variation elsewhere in the record. The timing of the Toweius productivity increase agrees well with Os isotope records of globally increased weathering intensity, which may have provided higher nutrient fluxes to stimulate algal productivity. If this type of productivity response occurred globally, it would also be consistent with the timing of C drawdown that may have returned temperatures to near pre-event levels.