South Gyeongsang, South Jeolla, South Chungcheong and North Gyeongsang provinces prioritized after completing damage assessments by Aug. 25

67 farms with mass die-offs and 284 that made emergency releases eligible; 49 farms to receive loan deferrals and interest relief

Relief funds to be disbursed from Monday; additional losses to be covered in second round in October

This image is unrelated to the article. [Getty Images Bank]
This image is unrelated to the article. [Getty Images Bank]

The government will disburse 13.7 billion won ($9.93 million) in disaster relief to 338 aquaculture farms hit by high sea temperatures this summer, with payments to be made before the Chuseok holiday. Rather than waiting for the season's heat damage to fully subside before drawing up a recovery plan, the government decided to begin paying out funds to farms that have already completed damage assessments.

The Ministry of Oceans and Fisheries announced Sunday it had finalized its "First High Sea Temperature Fishery Disaster Recovery Support Plan" to stabilize the operations of affected farms and help them recover.

The plan covers farms in four provinces — South Gyeongsang, South Jeolla, South Chungcheong and North Gyeongsang — spanning 12 cities, counties and districts, where damage assessments were completed by Aug. 25 during the high sea temperature advisory period that began July 16. The Fishery Disaster Countermeasures Deliberation Committee confirmed the list of eligible farms after a review.

Disaster relief payments and recovery plans are normally drawn up only after a disaster has ended. The ministry moved up the first round of payments ahead of Chuseok to help stabilize the finances of affected farm operators as quickly as possible.

The relief funds will go not only to 67 farms that suffered mass die-offs of farmed marine products due to high water temperatures, but also to 284 farms that made emergency releases of their stock to prevent further losses.

Financial support will run alongside the cash payments. Depending on the extent of damage, 49 farms will have repayment of existing policy loans deferred by one to two years or receive interest relief.

The ministry plans to work with local governments to disburse the confirmed disaster recovery funds to individual farms starting Monday. Farms not covered in this round, or those that suffer additional losses before the high sea temperature advisory is lifted, will be supported under a second recovery plan to be drawn up in October.

The impact of the high-temperature damage on seafood prices has so far been limited. Among the aquaculture stock affected by this year's high sea temperatures, losses of olive flounder and rockfish — sizes typically consumed as raw fish — amounted to just 0.4 percent of total stock being raised.

"We will move swiftly to execute the recovery fund disbursement process in time for the upcoming Chuseok holiday, so that fish farmers who have endured a difficult period due to high sea temperatures can return to their farms as soon as possible," Oceans and Fisheries Minister Hwang Jong-woo said. "We will also wrap up the remaining damage assessments quickly to ensure the second round of high sea temperature relief payments proceeds without a hitch."


adastra@heraldcorp.com