Atlantic Fisheries Fund renewal brings $31.6 million to PEI over five years

Prince Edward Island will receive $31.6 million over five years under a renewed Atlantic Fisheries Fund, with $18.96 million coming from the federal government and $12.6 million from the province, the PEI government said in a release dated Oct. 16, 2026. The renewal follows sustained advocacy by Atlantic premiers with the Prime Minister, Premier Rob Lantz said.¹

The original fund was signed in 2017 to help the Atlantic region meet growing market demand for sustainably sourced, high-quality fish and seafood, according to the release. Over seven years, it supported 153 PEI-based projects and seven pan-Atlantic initiatives.¹

The new fund keeps the same three pillars as the original, namely innovation, infrastructure and science partnerships, and adds market diversification. Applicants can apply for support under any pillar through the program webpage, the province said.¹

Prince Edward Island’s fisheries and aquaculture sector is a cornerstone of our economy and a vital source of jobs and opportunities across the province. This renewed agreement, which follows sustained advocacy by Atlantic Premiers with the Prime Minister, will help Island harvesters, processors, growers, and exporters invest in innovation, strengthen infrastructure and expand into new markets. As global demand continues to evolve, this investment will help ensure our seafood sector remains resilient, competitive, and positioned for long-term growth.¹Premier Rob Lantz

Fisheries, Rural Development and Tourism Minister Ernie Hudson said the renewed fund will support industry as it advances sustainable practices. He said he is particularly pleased with the new focus on market development and diversification.¹

Maintaining vibrant and prosperous fishing, aquaculture, and seafood industries is incredibly important for the communities that rely on them as well as the wider economy¹Fisheries, Rural Development and Tourism Minister Ernie Hudson

Fisheries and aquaculture in Prince Edward Island have contributed approximately $400 million to the provincial economy and account for three per cent of provincial GDP, according to the release. The industry employs more than 5,000 people in peak season and is the economic driver in many rural communities.¹

The release did not say whether legislation is required for the renewal or give an effective date beyond the five-year term. It also did not say when the new fund opens or how the money will be divided among the four pillars.¹

The province said the renewal reflects the ongoing partnership between Atlantic provinces and the federal government to make strategic investments that support industry priorities and create opportunities across the region and internationally. Media contact for the announcement is Janice Fogarty of the Department of Fisheries, Rural Development and Tourism.¹