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 primary sector in Greenland, with Greenland halibut being the second-most important species (after northern prawn), indicating that any alterations can have a significant effect on both the national and local economies due to the involvement of small-scale, small-boat fishermen. Similarly, the fishery for Greenland halibut holds importance for some First Nations and Inuit communities in Canada.