“One of the challenges for our lobster industry is the capacity of the marketplace to absorb the supply of lobsters during peak harvest seasons. Increased live holding capacity will help manage this supply and allow for more stable market prices. It will also allow processors to better manage production – taking some pressure off an already stressed workforce and enabling higher value processing to occur,” said Minister Roach.

The new program will provide eligible companies with non-repayable support of up to $50,000 to cover 10 per cent of the costs of new live holding facilities.

Projects may also be eligible to apply for financing from Finance PEI – subject to due diligence related to financing (including debt service capabilities and adequate security).

"Prince Edward Island fishers work hard to harvest top quality lobsters which are gaining new and expanded international markets," said the minister. "This new program will provide major benefits in maintaining that quality and ensuring we are able to meet the demands of the marketplace for both live and processed products.

The new program follows up on recommendations of a 2014 report by MSRB which recommended live lobster holding facilities as a way of improving the economic performance of the Island lobster industry.

The value of landed lobsters alone for 2014 was $114 million, making it a very significant contributor to Prince Edward Island’s economy.