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What were the economic effects of the cod fishery collapse in Newfoundland and Labrador?

The cod fishery collapse in Newfoundland and Labrador resulted in the direct loss of approximately 19,000 fishing and processing jobs and the indirect loss of some 20,000 additional jobs, crippling hundreds of coastal communities reliant on cod. The province also experienced a 10 percent population decline over the following decade as workers and their families left for jobs elsewhere.