March 2, 2023 — With offshore wind farms moving in, the fishing community faces the real possibility of a financial burden from revenue loss, officials say.
A proposed fisheries compensation fund has the potential to alleviate that burden from the likely physical and economic damages they will incur, including gear loss, habitat degradation, loss of essential fishing grounds and other impacts that will cause serious economic challenges to the fishing industry.
The New Bedford Port Authority supports the establishment of a common set of rules and procedures that would apply to the nine Atlantic Coast states that are working together to establish a framework that requires offshore wind developers to offer compensation.