The Ministry of Oceans and Fisheries will provide 13.7 billion won (approximately $10.3 million) in initial recovery funds to 338 aquaculture farms affected by high temperatures this summer. To stabilize the operations of these farms ahead of the Chuseok holiday, disaster relief funds will be prioritized for areas where damage assessments have been completed.
On September 20, the ministry announced the 'Initial High Temperature Fisheries Disaster Recovery Support Plan' targeting 12 cities and counties across four provinces: Gyeongnam, Jeonnam, Chungnam, and Gyeongbuk.
The support will cover 67 farms that experienced fish deaths due to high temperatures and 284 farms that released fish to prevent further damage, totaling 338 farms. The total support amount is 13.7 billion won.
This recovery plan was finalized after damage assessments were completed in areas affected during the high-temperature advisory period that began on July 16.
Typically, disaster relief funds are distributed after damage assessments are completed following the end of a disaster. However, to alleviate the financial burden on affected farms before Chuseok, the ministry decided to provide initial support for damages incurred before August 25.
In addition to disaster relief funds, financial support will also be provided. Among the affected farms, 49 will have their repayment of existing policy loans deferred for 1 to 2 years or receive interest reductions based on the extent of their damages. This measure aims to ease the financial strain on farms facing cash flow issues due to high temperatures.
The ministry plans to distribute the confirmed disaster recovery funds to each farm starting September 21, in collaboration with local governments.
For damages not included in this initial support or those that occur before the end of the high-temperature advisory, additional assessments will be conducted, and a second recovery plan is expected to be established in October.
Currently, the impact of supply disruptions in seafood due to high temperatures on consumer prices has been assessed as minimal. The damage to flounder and rockfish, which are primarily consumed as sashimi, represents only about 0.4% of the total farmed volume affected this year.
The ministry will continue to conduct additional damage assessments and work with local governments to proceed with recovery support procedures.
Minister of Oceans and Fisheries Hwang Jong-woo stated, "We will expedite the disbursement of recovery funds to ensure that fishermen who have faced difficulties due to high temperatures can return to their aquaculture operations as soon as possible, especially with the upcoming Chuseok holiday. We will also promptly complete remaining damage assessments to ensure that the second round of support for high-temperature damages proceeds without delay."
* This article has been translated by AI.
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