Thank you again, Mr. Chair, for the invitation to be here to discuss the impacts of COVID-19 on Canada's fishing sector. Following my opening remarks, we will be happy to answer any of your questions.
During these unprecedented and challenging times, DFO remains very much at the forefront in managing Canada's fisheries and protecting the marine environment, while the Coast Guard continues to deliver search and rescue services, icebreaking operations, maritime security and environmental response.
Health and safety remain our highest priority at DFO. Those who work in Canada's fisheries, on board Coast Guard vessels or in our operational centres are doing an essential service for Canadians during this critical time.
Our fish and seafood sector is essential to Canada's economy and food security. In 2018, our commercial sea fisheries landed almost 800,000 tonnes of fish and seafood valued at $3.7 billion. However, significant losses are expected across the sector over the coming months as summer fisheries begin. These losses are primarily related to depressed prices at the wharf and are a reflection of the changing demand.
Restrictions to combat the spread of COVID-19 have also resulted in shifts from food service to retail; from fresh to canned, dry or frozen products; and from in-store grocery to online shopping.
While the Government of Canada has delivered economic measures to help individual Canadians and businesses get through the pandemic through the Canada emergency response benefit, the Canada emergency wage subsidy, the Canada emergency business account and a number of other tax credit measures, DFO is working to support the fish and seafood industry adapt to this new reality.
Over the past several months, the Minister of Fisheries, Oceans and the Canadian Coast Guard and DFO officials have been engaging with harvesters, aquaculture producers, processors, indigenous partners and the provinces and territories. What we heard is that while the fish and seafood sector is experiencing virtually the same pressures as other parts of the economy, the impacts are somewhat unique.
For example, there is an accumulation of perishable inventory due to reduced demand for fish and seafood products that are normally marketed to the food service industry. Additionally, products typically sold fresh are being diverted to processing plants, and this is resulting in concerns over processing capacity, especially in light of the physical distancing requirements and other measures that will be required to ensure the safety of workers.
We also heard from the self-employed harvesters that their particular circumstances as small seasonal businesses without waged employees have made it difficult for them to access the wage subsidies and interest-free loans available under the government's broad-based programs.
These discussions have led to a $500-million targeted investment in the fish and seafood sector to ensure that fish harvesters and processors get the support they need to adapt to the current situation. Our goal is to continue to ensure the integrity of Canada's food security while positioning these sectors for a strong recovery.
This investment includes $469 million in funding to establish the new fish harvester benefit and fish harvester grant. The fish harvester benefit will provide up to $267 million in income support for those who cannot access the Canada emergency wage subsidy and who experience losses of 25% or more in 2020. The fish harvester grant has dedicated funding of up to $201 million in non-repayable support to those who cannot access the Canada emergency business account. These funds can be used to cover the costs of running a fishing business, including increases in costs due to health and safety requirements.
In addition, given that earnings may not be enough to allow independent harvesters to claim employment insurance this year, the government is working to ensure that self-employed fish harvesters and share persons will be able to file an EI claim based on previous years' insurable earnings.
This support also includes the $62.5-million Canadian seafood stabilization fund, which will allow the fish and seafood processing sector to increase storage capacity, continue to purchase from harvesters, innovate to meet new market demands and comply with new health and safety measures. Businesses in the fish and seafood processing sector and the organizations that support them are encouraged—