Report: Louisiana Seafood Industry Saw $580M in Losses From 2020-21 Hurricanes

Louisiana’s fisheries and seafood businesses experienced approximately $580 million in total losses resulting from four hurricane between August 2020 to August 2021, according to a new report by the Louisiana Sea Grant and the Louisiana Department of Wildlife and Fisheries.

The report, “Projected Infrastructure, Revenue and Resource Losses to Louisiana Fisheries from the Hurricanes of 2020 and 2021” was led by Louisiana State University professor Rex Caffey. The study surveyed commercial fishing vessels, commercial seafood dealers, commercial seafood processors, charter boat and coastal marinas.

Wind damage was the primary driver in losses. Damage caused by wind averaged 85% for vessels, 80% for dealers, 80% for processors and 89% for charters.

Hurricane Ida accounted for 70% of the more than $300 million in fisheries infrastructure damages, while 2020 Hurricanes Laura, Delta and Zeta accounted for 30%.

Revenue losses for 22 coastal parishes totaled $155.3 million in 2020, $66.4 million in 2021 and $40.7 million in expected carry over losses for 2022.

75% of respondents said they did not have sufficient insurance to cover losses and only 10% said that 50% or more of their losses were covered.

Uninsured losses to infrastructure, revenue and biological resources from Hurricanes Laura, Delta, Zeta, and Ida range from $434.6 million to $698.7 million, according to the study.

The study states that projections of damage and loss were “dampened by assumptions related to insurance coverage,” assumed at 8%, and vessel evacuation, assumed at 20%.

“Additional research is required to determine to refine how insurance coverage and vessel evacuation are accounted for in future hurricane damage assessments,” the report said.

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