Government announces funding to grow the lobster fishery

The level of support will vary from project to project with non-repayable contributions available to a maximum of $100,000 and a rate of assistance of up to 80 per cent depending on level of technology and risk of project

Government is putting money into new technology, processes and innovation to support the growth and sustainability of the Newfoundland and Labrador lobster fishery. Fisheries Minister Gerry Byrne says applications are now being accepted through the Newfoundland and Labrador Lobster Technology and Innovation Request for proposals. The lobster fishery is in a period of immense growth and potential. From 2015 to 2024, lobster landings increased by 263 per cent from 5.7 million pounds to 20.7 million pounds. During that same period, the landed value increased by 345 per cent from $30.7 million to $136.6 million

Byrne says funding is available to both commercial and non-commercial applicants. The level of support will vary from project to project with non-repayable contributions available to a maximum of $100,000 and a rate of assistance of up to 80 per cent depending on level of technology and risk of project Byrne says the lobster fishery is quickly becoming the second biggest fishery in the province. Proposals must be submitted by May 16th  to lynettepeddle@gov.nl.ca.