Still Swimming, but Millions Fewer Due to Virus
Chile's salmon industry is worth $2 billion and the fish are one of the country's top four exports. Chile is the biggest supplier of salmon to the U.S. and second to the world. But in the past year, a flue-like virus called Infectious Salmon Anemia (ISA) has spread through the country's salmon fisheries, sometimes infecting entire salmon stocks.
Hoping to curb the devastating effects of ISA, the Chilean government has stepped up controls and passed stricter regulations for antibiotic use and addressing overcrowding. But, compliance is costly and the industry complained of having trouble securing loans at a time when most banks aren't lending. To help fulfill the new requirements, the Chilean government announced a $120 million bailout for the salmon industry.
New Tang Dynasty Television, an independent, non-profit television broadcaster based in New York, reports on at the toll the virus has taken on the industry and what the future for the industry looks like in the following video.
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Chilean Salmon Industry
The Economist recently reported on the bankrupt Chilean Salmon Industry, emphasizing the fact that the industry has a long road to recovery ahead.
The bailout won't revitalize the industry instantly, and it will definitely take a few years for output level to return to normal. Even then, the industry which was once used to exponential growth may have to settle for normalcy.
Now, the industry has a chance to reform itself. They can either take this as a chance to drastically change their methods and re-market themselves, or hardly change anything and still be viewed as the 'overused antibiotic' salmon market. Industries in general hardly have opportunities to revamp 'all of the above'--and now Chile has the chance.
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