Peru’s giant squid fishery facing worst crisis in history

Catches have been scarce in Peru’s giant squid fishery, which, together with the related processing industry, is facing an unprecedented crisis due to high raw material costs, natural weather conditions, and illegal, unreported, and unregulated (IUU) fishing practices.“This is the worst crisis in the 25 years since squid began to be exploited in significant volumes in Peru,” Committee for the Sustainable Management of the Southern Pacific Jumbo Flying Squid (CALAMASUR) President Alfonso Miranda said in a release, estimating a 40 percent to 50 percent drop in value for 2024 and “an even steeper” fall in terms of volume.Catches have been primarily affected due to poor weather conditions, according to Miranda, who added that he was skeptical whether the upcoming summer season, and its improvement in weather, will bring about better catch totals.The forecasts ...