Eastern Canada's seafood industry faces uncertain future after Storm Fiona and market turmoil
Canada
Published Nov 15, 2022
Tridge summary
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.
Original content
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, and of course help local businesses and communities recover.” Trudeau said. At the provincial level, the Government of Prince Edward Island (P.E.I) provided financial assistance to the industry through its Provincial Disaster Financial ...
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