Struggling groundfish interests have agreed to give the thriving scallop industry about 200,000 pounds of yellowtail flounder from its allocation for 2010 for future considerations.
It was a deal — consummated last week and based on trust the scallopers will compensate groundfish interests financially for their sacrifice — that will allow the scallopers to take advantage of a very large windfall, according to key industry involved in the secret business discussions that occurred in Gloucester and New Bedford.
But the arrangement — a trade of allocation for cash within the industry — is also being viewed as an example of how the catch share system, which commodifies the common wealth of the seas, can work. Advocates of the system argue that catch shares will help align capital and conservation interests.