Eastern Canada's seafood industry faces uncertain future after Storm Fiona and market turmoil

Published 2022년 11월 14일

Tridge summary

In mid-September 2022, a storm hit Canada's east coast, causing around $500 million in insured damage and significant losses to the local fisheries and aquaculture industry. The storm led to thousands without power and damaged critical infrastructure such as marinas. The Canadian government, along with provincial governments, has announced funding for recovery efforts, but stakeholders believe it may not be enough. The storm resulted in the loss of fishing days, equipment, and product, and while initial estimates do not show a significant impact on stocks, it may take several years to identify any effects on fisheries in the region. The industry will need to rebuild critical infrastructure and face market conditions as fishing resumes in the spring.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Canadian miners and processors were hit hard in mid-September 2022 when a storm hit Canada's east coast, leaving thousands without power and causing, by one estimate, nearly $500 million (€512 million) in insured damage, according to the CBC. The storm has resulted in massive losses to local fisheries and aquaculture, which have already experienced falling lobster and crab prices this year. Describing the storm as "massive and historic," Nat Richard, executive director of the Canadian Lobster Processors Association in New Brunswick, said the government and fisheries stakeholders continue to assess the damage the storm has caused to fisheries. In early October, Canadian Prime Minister Justin Trudeau announced $220 million (€225 million) in funding for recovery efforts. “This funding will support projects to repair and rebuild storm-damaged critical infrastructure such as marinas, support the cleanup of fishing gear so boats and marine life can navigate these waters safely again, ...

Source: Fishretail