The odds are increasing that the Newfoundland snow crab fleet will not leave the dock this season. The buyers have set a price that they are willing to pay for snow crab, but the crabbers are saying they cannot afford to go fishing for that amount of money.
This year, they have a 120 million pound snow crab quota they are allowed to catch. The value of last year’s snow crab catch was over $750 million dollars! However, it is increasingly looking like that quota will not be caught this year. It’s pretty incredible when you think about it.