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Results of the 2020 fourth quarter pandemic economic impact survey conducted by Virginia Tech (VT) and The Ohio State (OSU) universities has been released.  During the fourth quarter of 2020, respondents reported:

• 83% were impacted by COVID-19
• 42% had private orders/contracts cancelled
• 23% terminated employees
• 81% experienced lost sales
• 7% had no cash available to cover operating expenses
• 15% had less than 1 month of cash available to cover operating expenses
• 47% would survive 3 months without external intervention
• 51% applied for USDA CFAP, 37% for PPP, 26% for EIDL, 13% for NOAA CARES, 13% for a private loan or personal line of credit, and 12% applied for unemployment benefits.
• 61% indicated that Federal assistance would help their farm or business to survive, and 37% indicated that state assistance would help their farm or business to survive.

The results from the Q4 survey close out an eventful and complicated year for the U.S. aquaculture and aquaponics sectors and their allied businesses. Q4 findings clearly demonstrate that the industry was still experiencing negative impacts from the coronavirus disease (COVID-19) pandemic at the end of 2020.

Many of these effects and impacts were similar to the trends captured in previous quarterly surveys. The Q4 responses also indicate that there are longer-term effects and secondary impacts materializing for the industry as the pandemic continues. While many Q4 respondents were successful in obtaining assistance and relief, it is unclear whether these measures will be sufficient to address the continuing impacts and resulting consequences for producers during 2021.

The forward-looking responses to the Q4 survey indicate that producers continue to expect disruptions of traditional marketing channels, increased costs of production, challenges obtaining services and inputs, and challenges with cash on hand to cover operating expenses resulting in missed or delayed loan and bill payments. Responses provided by Q4 respondents reveal that producers are investing and adapting to new market conditions, adopting innovative strategies, and developing new services in an attempt to recover sales. However, lost revenue continues to be a significant challenge for respondents during Q4 of 2020. Likewise, the challenges reported by respondents regarding labor impacts and production effects point to challenges for the future supply of aquaculture and aquaponics products.

To read or download the complete analysis, please click here:
https://www.arec.vaes.vt.edu/content/dam/arec_vaes_vt_edu/virginia-seafood/research/covid-19/quarter-4/Aquaculture%20Impacts%20of%20COVID-19%20Quarter%204%20Report.pdf.  For additional information or questions, please contact Dr. Jonathan van Senten (jonat86@vt.edu) or Matt Smith (smith.11460@osu.edu).