Taiwan’s Council of Agricultural Affairs has launched a program to increase the value of grouper farming by USD 306 million (EUR 208 million) in four years in an effort to help the region's faltering grouper farming industry severely damaged by Typhoon Morakot in August.
Grouper farmers, the hardest hit by Morakot, will receive financial assistance as shrimp and eel farming have become less competitive. Experts estimate that about 20 million fish may be needed to restore the grouper industry. Loans will benefit grouper farmers the most, offering them an increase from USD 31,000 (EUR 21,000) per hectare to USD 250,000 (EUR 170,000).
The loans, which may be repaid in seven years at an interest of 1 percent, were lowered from the original 1.25 percent.
Major regions in Taiwan, including Pingtung, Tainan and Kaohsiung counties, were among the hardest hit by the 8 August typhoon. Farmers lost as much as USD 600,000 (EUR 407,000) in shrimp and tilapia following the storm.
Several townships in southern Taiwan heavily rely on the aquaculture industry . The government has since been working to rebuild the damages caused by Morakot, hoping to restore the region's flourishing aquaculture industry to normal by 2012.
