Fishing is the most important industry in Greenland and Greenland halibut is the second-most important species (after northern prawn), meaning that any changes can have a significant effect on the country's overall economy, as well as the local economy as most inshore fisheries involve small-scale, small-boat fishers. Similarly, the fishery for Greenland halibut is very important to some First Nations and  Inuit communities in Canada.
Fishing is the most significant sector in Greenland, and Greenland halibut is the second-most vital species (following northern prawn), implying that any changes can have a substantial impact on the country's overall economy as well as the local economy since most inshore fisheries involve small-scale, small-boat fishermen. Similarly, the fishery for Greenland halibut plays a crucial role to some First Nations and Inuit communities in Canada.