Alaska’s fishing economy is in free fall, beset by rising costs, changing ocean conditions, collapsing fish and crab stocks, and competition from other regions and countries with larger catches and fewer regulations, according to a federal “snapshot” of the industry.
In a grim assessment, NOAA Fisheries said the state’s fishing industry suffered a $1.8 billion loss between 2022 and 2023, a 26 percent decline in overall industry performance.
Those findings are based on analysis of “ex-vessel” income — the amount of money paid to fishermen at dockside — as well as revenue from “first wholesale prices,” when seafood moves up the supply chain wholesalers after primary processing. Social scientists also conducted interviews with fishermen, processors, trade associations and Alaska regulators.
Dockside revenues were down by $632 million, or nearly one-third of total income, between 2022 and 2023, while first wholesale values dropped by $1.2 billion, resulting in combined total losses of $1.8 billion. Alaska’s overall fishing economy is valued at more than $6 billion.