Fishing Capacity Reduction Program for the Southeast Alaska Purse Seine Salmon Fishery
In 2018 the Southeast Revitalization Association (SRA) conducted a bid selection process accepting 36 bids to remove Southeast Alaska Purse Seine salmon permits under a proposed second fishing capacity reduction loan program. In accordance with regulations, the SRA submitted a reduction plan to NOAA Fisheries to implement the proposed second loan reduction program. From February 4, 2019 through March 6, 2019, NOAA Fisheries conducted a referendum in which a majority of the fisheries 315 permit holders voted to approve a $10,127,988 loan to remove 36 permits, which post reduction harvesters will repay in fees over a 40 year period. Accordingly, NOAA Fisheries is preparing to tender reduction payments to the accepted bidders and implement a fee-collection system to repay the second loan.
In 2011, NOAA Fisheries established regulations to implement a fishing capacity reduction program and an industry fee system to repay a $23,476,500 loan for the Southeast Alaska Purse Seine Salmon Fishery. The fee system involved future landings of the Reduction Fishery. This action's intent was to permanently reduce the most fishing capacity at the least cost and establish the fee system.