section_path: Economy/Fisheries
section_name: Fisheries
paragraph_text: Fisheries
  
  The shelves of the Atlantic hosts one of the world's richest fishing resources. The most productive areas include the Grand Banks of Newfoundland, the Scotian Shelf, Georges Bank off Cape Cod, the Bahama Banks, the waters around Iceland, the Irish Sea, the Bay of Fundy, the Dogger Bank of the North Sea, and the Falkland Banks. Fisheries have, however, undergone significant changes since the 1950s and global catches can now be divided into three groups of which only two are observed in the Atlantic: fisheries in the eastern-central and southwest Atlantic oscillate around a globally stable value, the rest of the Atlantic is in overall decline following historical peaks. The third group, "continuously increasing trend since 1950", is only found in the Indian Ocean and western Pacific.
  
  UN FAO partitioned Atlantic in major fishing areas:
  
  Northeast Atlantic is schematically limited to the 40°00' west longitude (except around Greenland), south to the 36°00' north latitude, and to the 68°30' east longitude, with both the west and east longitude limits reaching to the north pole. The Atlantic's subareas include: Barents Sea; Norwegian Sea, Spitzbergen, and Bear Island; Skagerrak, Kattegat, Sound, Belt Sea, and Baltic Sea; North Sea; Iceland and Faroes Grounds; Rockall, Northwest Coast of Scotland, and North Ireland; Irish Sea, West of Ireland, Porcupine Bank, and eastern and western English Channel; Bay of Biscay; Portuguese Waters; Azores Grounds and Northeast Atlantic South; North of Azores; and East Greenland. There are also two defunct subareas.
  
  In 1497, John Cabot became the first Western European since the Vikings to explore mainland North America and one of his major discoveries was the abundant resources of Atlantic cod off Newfoundland. Referred to as "Newfoundland Currency" this discovery yielded some 200 million tons of fish over five centuries. In the late 19th and early 20th centuries, new fisheries started to exploit haddock, mackerel, and lobster. From the 1950s to the 1970s, the introduction of European and Asian distant-water fleets in the area dramatically increased the fishing capacity and the number of exploited species. It also expanded the exploited areas from near-shore to the open sea and to great depths to include deep-water species such as redfish, Greenland halibut, witch flounder, and grenadiers. Overfishing in the area was recognized as early as the 1960s but, because this was occurring on international waters, it took until the late 1970s before any attempts to regulate was made. In the early 1990s, this finally resulted in the collapse of the Atlantic northwest cod fishery. The population of a number of deep-sea fishes also collapsed in the process, including American plaice, redfish, and Greenland halibut, together with flounder and grenadier.