Governments explore diversifying Newfoundland fishery

The Newfoundland and federal governments have signed a $10 million research agreement to look at ways of diversifying the fishery.

The money will be spent on developing better uses for so-called non-traditional species. They include shrimp, sea urchins, sea cucumber and whelk.

There will also be a study of the seal population.

The collapse of the traditional groundfish industry in the early 1990s has driven people to look for other species to harvest.

Premier Brian Tobin says all the money will be spent in rural Newfoundland and Labrador.

"Rural communities have been hit hard as a result of the downturn of the groundfish industry," said Tobin while making the announcement Monday. "This program will allow them to focus on new fisheries resource opportunities."

The money is coming from what's known as the "post-TAGS fund."