I understand the criticism of the 10-year rebuilding timeframes in Magnuson. However, I believe Magnuson already contains the flexibility we need for rebuilding stocks by allowing certain exceptions based on biology and other issues. Balancing rebuilding for the long-term health of coastal communities with the immediate economic effects remains a challenge for everyone involved in implementing the act’s mandate to end overfishing and rebuild stocks.
Rebuilding stocks has already led to important successes and significant economic benefits for fishermen, coastal communities and the nation. Some examples are the sea scallop, monkfish, bluefish and Gulf of Mexico king mackerel fisheries. The dockside value revenues in the sea scallop industry have increased from $84.7 million in 1994 when the stock was overfished to $370 million in 2008. The healthy bluefish stocks on the Atlantic coast provide consistent, reliable fishing opportunities for shore and party and charter boat anglers and the related economic benefits of sportfishing to a wide variety of shore businesses.
We estimate that once the nation rebuilds all fisheries, which we are on a track to do and required to do by law, the dockside value of our commercial fisheries would go from $4.1 billion to $6.3 billion annually, a 54 percent increase. Rebuilding recreational fisheries will help improve the economies of our nation’s coastal communities; saltwater angling generated $82 billion in sales and supported more than 500,000 jobs annually in NOAA’s most recent report.