South Korea tackles rising seafood prices amid heatwave with early harvests and aid

South Korea's government is implementing measures to stabilize seafood prices, which have surged due to unprecedented summer heatwaves. The Ministry of Maritime Affairs and Fisheries announced a plan on August 13th to encourage the early harvesting of vulnerable species and expand disaster relief funds, aiming to disburse them before the Chuseok holiday.

As of August 10th, high-temperature warnings were issued for 31 out of 35 coastal areas nationwide. The prolonged heat, combined with below-average rainfall in the southern regions, has rapidly increased water temperatures, causing significant damage to fish farms. While the current mortality rate of farmed fish is approximately 0.5%, and only 10% of the deceased fish are large enough for market, the ministry fears escalating damage could lead to further price increases.

To mitigate the impact, the ministry has established an emergency response headquarters and field teams. These units are providing guidance on reducing stocking density and adjusting feeding. The government is also increasing funding for high-temperature response equipment, such as heat pumps and oxygen supply devices, by 3.6 billion won to a total of 9.4 billion won.

Financial support includes promoting early harvests of species sensitive to high temperatures, like flounder, rockfish, and abalone, with an additional 30 billion won allocated for discount events. This has already led to a 12.3% increase in early harvests compared to last year. Disaster relief funds have been boosted by 153% to 33.2 billion won, with plans to distribute the first round of recovery funds before Chuseok. The scope of aid will also expand from 'residence' to 'livelihood' units.