Your interpretation of the graph is actually quite accurate.
In fact, we did see some warm conditions in the sixties that persisted for some time. However, the stocks were in a very different state at that time, with the overall abundance of cod. The northern cod stock had in excess of a million tonnes in spawning stock biomass. The capelin biomass at that time was in excess of two million tonnes.
We were dealing with a very different ecosystem. The opportunity for a new species to take advantage of the situation, because there is reduced competition pressure and reduced predation pressure, was not the same. At that time, the capelin stocks and the cod stocks were actually quite healthy. They were growing at a fair rate.
Now we have a situation where most of the groundfish stocks are still quite depleted. Their productivity seems to be low, and the capelin still haven't come back. This is a great opportunity for shrimp to actually continue to blossom, in one sense, because there is plenty of prey and there is relatively lower predation pressure.
However, I'd like to point out that since the early 1990s, we've seen some noticeable increases in the biomass of the groundfish stocks. They're definitely not where they were, but they are substantial.