Atlantic Fisheries Fund Renewed With Over $300 Million and New Focus on Market Diversification
Federal and provincial governments have renewed the Atlantic Fisheries Fund, committing more than $300 million over five years. The renewal adds market diversification as a fourth pillar to help the sector navigate trade challenges with the U.S.
The federal and provincial governments announced Thursday in Moncton that the Atlantic Fisheries Fund is being renewed with more than $300 million available over the next five years to support projects across the region. The renewal introduces market diversification as a new focus area in response to the ongoing trade war with the United States.
Under the funding agreement, the federal government will provide 60 per cent of the money, while provincial governments will contribute the remaining 40 per cent. Projects eligible for funding must fall into one of four pillars: innovation, infrastructure, science partnerships, or the newly added market diversification.
The addition of market diversification is intended to address challenges posed by tariffs and trade disputes with the U.S. It provides opportunities for harvesters and processors to access global markets and supports project financing for trade shows, branding, and hiring market managers. Kent Smith noted that the Nova Scotia Seafood Alliance has identified about 20 projects ready for diversification efforts.
Canada exported $8.5 billion worth of fish and seafood in 2025, with about $6.5 billion coming from the Atlantic provinces. Loyola O’Driscoll stated that the industry represents an estimated value of over $2 billion annually in Newfoundland and Labrador and supports over 16,000 jobs in 400 communities.
The original Atlantic Fisheries Fund started in 2017 with $400 million spread over seven years and was extended for two years in 2024. Over the past nine years, the fund has invested $370 million into more than 1,300 projects in the region. Past funded projects include modernizing a Cooke salmon processing plant in St. George, N.B., and helping Scotia Harvest build a groundfish processing plant in Digby, N.S.
Officials highlighted that the renewed fund aims to position the industry for continued growth and prosperity amidst rising costs and competition, while also helping maintain the quality and market value of live lobster catches.