Certain US fisheries will experience major regulatory changes regarding stock protection. Researchers at Iowa State University expect the new system to give an economic boost to the fishing sector.
Associate professors in economics Quinn Weninger and Rajesh Singh took estimated harvesting costs from the old system and set them against the planned fishing guidelines that remove numerous restrictions which lead to inefficiency as they limit harvesting amounts.
The researchers’ analysis focused on the Pacific groundfish fishery and determined that the fleet could save between USD 18 million and USD 22 million per year by following the new regulatory system.
The Pacific groundfish fishery is one of several countrywide that supervises harvest by location and fish types. Weninger said similar economic conclusions could be drawn for other areas and fish types.
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