April 2, 2012 – Federal fishery regulators have ordered the region's fishermen to cut the amount of Gulf of Maine cod they catch by nearly 25%. While regarded by many in the industry as severe, the cuts could have been as high as 85% after data published last year indicated cod stocks were in worse condition than previously thought. Both regulators and fishermen regard today's comparatively mild cuts as a way of buying time while a new stock assessment is carried out. But, environmental advocates don't think the cuts go far enough.
Make no mistake about it, the cuts will put many New England fishermen out of business. That's the opinion of James Odlin of Portland. His company, Atlantic Trawlers owns and operates five fishing vessels in Maine and Massachusetts. Odlin is also a member of the New England Fishery Management Council.
"A lot of people in the industry will not survive this. There's been some information and some studies done that over 50% of the industry is below break even," said Odlin.
Read the complete story from The Maine Public Broadcasting Network.