With no mention of the Atlantic Fisheries Fund (AFF) in Budget 2025, concerns were growing throughout the seafood industry, right up to Atlantic Canadian premiers as 2025 was coming to a close about the fund’s future beyond March 31, 2026.
“The absence of an announcement regarding the Fund in Budget 2025 has created uncertainty throughout the sector. A clear funding commitment is urgently needed to enable Atlantic Canadian companies to continue to plan and invest confidently, ensuring they remain globally competitive and productive,” wrote the Council of Atlantic Premiers to Prime Minister Mark Carney on Dec. 11.
The Premiers are calling on the federal government to fulfill the election platform commitment to renew and enhance the AFF by increasing the fund by 20 per cent.
“As you know, the importance of the commercial fishing, seafood processing and aquaculture industries in Atlantic Canadian communities and for livelihoods in the region cannot be overstated. As this sector grapples with the challenges of today, such as risks posed by tariffs, climate change and emerging disease threats, continuing and enhancing the Atlantic Fisheries Fund is more important than ever,” reads the letter.
“Since its inception in 2017, the Fund has significantly contributed to advancing innovation, sustainability and science partnerships within Atlantic Canada’s fish and seafood sector. With over $400 million in shared federal-provincial investment, this well-subscribed funding has been instrumental in supporting the long-term viability of the industry and inspiring innovation. The Fund’s success is tied to its flexibility to support the industry’s diverse needs throughout the region,” wrote the Premiers.
The Atlantic Fisheries Fund (AFF) has provided support for over 1,331 projects across the Atlantic provinces since 2017, valued at over $375.6 million in AFF assistance, said Debbie Buott-Matheson, strategic communications manager for Fisheries and Oceans Canada, Maritimes Region.
The four Atlantic provinces have contributed $126.5 million to the fund, supporting the federal contribution of $295 million.
“AFF focuses on supporting innovation in the fish and seafood sector throughout Atlantic Canada by investing in projects that help the sector to better meet growing demands for sustainably and legally-sourced, high-quality fish and seafood products. Its ultimate objective is that “sustainable economic growth will be realized in the fish and seafood sector” through innovative investments under its three strategic Atlantic Pillars: Infrastructure, Innovation and Science Partnerships. The program will continue into 2026, and discussions continue with regards to the future of the program. More information will be available in due course,” said Buott-Matheson.
With an industry focus on trade diversification and finding new markets for seafood such as lobster in the wake of ongoing tariff issues, the future of the AFF has their attention.
“I think the industry is collectively waiting for the federal government to fulfill the promise they made in the 2025 election because the AFF stands to position industry to be able to produce product that are ideal for those new markets we are trying to open up,” said Kris Vascotto, executive director of the Nova Scotia Seafood Alliance.
Vascotto said seafood producers are finding the world is moving away from premium lobster products for a variety of reasons. “We’re not talking the usual meat and tail market. There’s a lot of opportunity to develop prepared meals. (Customers) are not necessarily looking to cook their own lobster. They are looking for someone to do it for them.”
