April 22, 2020 — In the weeks since the coronavirus halted most restaurant operations, Virginia’s fishing industry has taken a big hit.
The information comes from an internal memo the Virginia Marine Resources Commission shared with the Daily Press.
The memo cites revenue potential loss from March through June ranging from $53 million to $68 million due to a near 90% decrease in market demand. The data was compiled to begin to understand the economic impact of COVID-19 on the fishing industry, both commercial and recreational, deputy commissioner Ellen Bolen said.
The information is anecdotal and gives broad calculations, she added.
The aquaculture industry ― which includes oyster and clam harvesters ― estimates it is losing between $3.5 and $7 million per month, according to the memo. The figures compiled do not factor in losses in supply such as bait, fuel and ice.
Commercial fishery jobs — some 18,220 around Virginia — includes harvesters, dealers, processors, importers, distributors and retail, according to data from the NOAA Fisheries Economics of the United States report.