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ST. JOHN'S, N.L. — A slow and steady approach to rebuilding the northern cod stock could see employment in the crucial fishery skyrocket in just over a decade, according to a new study.
The report was released Thursday by advocacy group Oceana Canada as one of six case studies assessed by University of British Columbia fisheries economists in a larger report considering the social and economic benefits of rebuilding Canada's fisheries.
The economists project that within 11 years, under favourable environmental conditions and low fishing pressure, a rebuilt northern cod fishery could support 26,000 jobs — 16 times more than today. Economic activity generated by the fishery could reach $233 million, up from its current level of $33 million. |
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"Our results suggest that bearing this short-term cost can lead to economic benefits, which in the long term are an improvement over maintaining the status quo," the full report reads.
The study spoke to the northern cod's status as an "iconic species" of huge importance to the coastal communities of northeastern Newfoundland and Labrador. "It (northern cod) stands as a symbol of the bounty and prosperity that supported massive fisheries ... It also is a symbol of loss and the devastating consequences of overfishing," the study read.
"Signs of a fragile recovery of northern cod bring hope, and with it, opportunities to (correct) the wrongs of the past."
Researchers ran several scenarios, but even under the poorest environmental conditions, the study projected the value of northern cod, if allowed to rebuild to a healthy status with low fishing pressure, would exceed its value under current practices. |
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