Tropical Instability Waves (TIW) have been suggested to fertilize the equatorial Pacific in iron leading to enhanced ecosystem productivity. Using a coupled dynamical--biogeochemical model, we show that contrary to this suggestion, TIWs induce a decrease of iron concentration by 10% at the equator and by about 3% over the Wyrtki box <90¿W--180, 5¿N--5¿S>. Chlorophyll decreases by 10% at the equator and 1% over the Wyrtki box. This leads to a decrease of new production up to 10% at the equator (4% over the Wyrtki box). TIW-induced horizontal advection exports iron-rich equatorial water to the north, but also brings iron-depleted water to the equator leading to a net decrease in iron. Additional iron decrease is caused by TIW-induced iron vertical diffusion. These two mechanisms are partly counter balanced by a decrease of iron biological uptake, driven by lower phytoplankton concentrations, and to a lesser extent by TIW-induced iron vertical advection.