Mr. Speaker, I mentioned in my speech that Newfoundland and Labrador is being hit from two ends when it comes to the downturn in the price of oil. We are being hit from the western end in that literally thousands of workers from Newfoundland and Labrador travel back and forth to Alberta for work. The average salary of each of those workers is $100,000 a year, and it comes back to Newfoundland and Labrador. Then from the eastern end, off the east coast of Newfoundland, from the offshore on the Grand Banks of Newfoundland, our revenues from our oil industry are down severely. The Newfoundland and Labrador government faces a deficit this year alone of $916 million, almost $1 billion, in a small province of just over a half million people. We need to diversify. The country needs to diversify.
In answer to the hon. member's question, that $400 million fund would be used by the Newfoundland and Labrador government to position itself to capitalize on and to seize the business opportunity of the opening of the 500-million-person European Union market. If we do not have that, it means we do not capitalize. If we do not have that, it means we do not diversify. If we do not have it, it means the Conservative government has failed Newfoundland and Labrador—again.