Emergency Management Stabilization Fund
to Support Over 2,500 Abalone Farms
Wando-gun announced on the 13th that it will provide an emergency management stabilization fund totaling 2 billion KRW, including provincial funding, to support abalone farms struggling with plummeting prices and rising production costs.
The 'Emergency Management Stabilization Fund for Abalone Farms' is a key initiative of Jeollanam-do's comprehensive emergency livelihood stabilization measures. More than 2,500 abalone farms in Wando-gun are eligible for support.
Wando County will provide emergency management stabilization funds totaling 2 billion won, including provincial subsidies, to help restore the management of abalone farming households. Photo shows the abalone farm in Mangnam-ri, Wando-eup. Provided by Wando County. Photo by Geon Kyung
The price of abalone, which was 39,250 KRW per kilogram (based on 10 pieces) in December 2022, dropped to 32,500 KRW in 2023 and further to 25,000 KRW in December last year, marking a 36% decline over two years. The main causes are increased production costs and sluggish consumption, which have brought a serious crisis to the survival of abalone farms in Wando-gun, the main production area, and to the local economy.
Farms holding aquaculture licenses issued before December 16, 2023, can apply at their local town offices by January 17. The county plans to distribute the funds within January. For more details, contact the Fisheries Management Division of Wando-gun Office or the Agricultural and Fisheries Team at your local town office.
Governor Shin Woo-cheol stated, "Wando-gun is the main production area for abalone, accounting for over 75% of the national output. The drop in abalone prices not only reduces farm incomes but also severely impacts the entire local economy. We hope that this emergency support will help abalone farms continue stable operations and overcome this crisis."
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