Impact of The Collapse On Newfoundland
The moratorium in 1992 marked the largest industrial closure in Canadian history. In Newfoundland over 35,000 fishers and plant workers from over 400 coastal communities became unemployed. In response to dire warnings of social and economic consequences, the federal government intervened, initially providing income assistance through the Northern Cod Adjustment and Recovery Program, and later through the Atlantic Groundfish Strategy, which included money specifically for the retraining of those workers displaced by the closing of the fishery. Newfoundland has since experienced a dramatic environmental, industrial, economic, and social restructuring, including considerable outmigration, but also increased economic diversification, an increased emphasis on education, and the emergence of a thriving invertebrates fishing industry (as the predatory groundfish population declined, snow crab and northern shrimp proliferated, providing the basis for a new industry that is roughly equivalent in economic value as the cod fishery it replaced).
Read more about this topic: Collapse Of The Northern Cod Fishery
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