How did Newfoundland and Labrador’s fishing industry adapt after the decline of groundfish stocks?

Following the collapse of groundfish stocks and the subsequent 1992 moratorium on cod fishing, the fishing industry in Newfoundland and Labrador underwent significant structural changes to adapt to the crisis.12

Key adaptations included:

• Diversification: The industry shifted its focus from groundfish toward shellfish, specifically increasing the harvest of crab and shrimp.13
• Aquaculture Expansion: There has been a notable growth in aquaculture as a means to supplement traditional wild-capture fisheries.14
• Economic Transition: As the fishery's contribution to the provincial economy declined, the region increasingly relied on other sectors, such as mineral extraction and tourism, to drive economic recovery. Additionally, the extraction of petroleum and natural gas in the Grand Banks has become a primary economic activity in terms of value.53

While the federal government introduced relief programs like the Northern Cod Adjustment and Recovery Program (NCARP) and the Atlantic Groundfish Strategy (TAGS) to provide financial aid and job training, these measures were widely considered insufficient to offset the massive loss of employment in coastal communities.2