n. — Newfoundland, Fishing
the indefinite suspension of cod fishing in Newfoundland's fishing grounds in 1992.
Type: 1. Origin — The cod moratorium in 1992 resulted in the closure of an industry that had sustained the province of Newfoundland for nearly 500 years; it was instantiated by the federal government in an attempt to save the threatened northern cod from extinction (see Canadian Encyclopedia, s.v. "History of Commercial Fisheries"). Decades of over-fishing led to this drastic measure, which was overseen by John Crosbie, Minister of Fisheries and Oceans (see the first 1994 quotation). In an attempt to support the nearly 30,000 fishermen and plant workers affected by the closure, the government established the Northern Cod Adjustment and Recovery Program, which included weekly monetary compensation of anywhere from $225 to $406 (see Encyclopedia of Newfoundland and Labrador, s.v. "The Northern Cod Adjustment and Recovery Program (N-CARP)"). Though the 1992 northern cod moratorium was initially intended to last for only two years, ever-decreasing codfish stocks led to an indefinite moratorium in 1993 that extended to include the southern fisheries (see the second 1994 quotation).
Along with a severe economic impact, the cod moratorium has had detrimental social effects on the province. According to studies conducted by Health Canada, there has been a 10% population decrease in Newfoundland between 1991 and 2001, resulting "from high levels of out-migration and decreased birth rate following the Cod Moratorium [...]" (Murray 2005: 41). The population has also aged significantly since 1991 because of the "out-migration of young families and the associated decline in birth rate" (Murray 2005: 44).
Because codfish numbers were, as of 2015, still not optimal, the moratorium remains in place; yet there is hope for some relief (see the 2015 quotation). The Northern Atlantic fishing industry has consequently concentrated their efforts on shellfish (see Canadian Encyclopedia, s.v. "Newfoundland and Labrador"). Cod moratorium appears most frequently in Canada (see Chart 1), with regional results clearly favouring Newfoundland (see Chart 2).
See also: barge screech-in cod tongue
Images:

Chart 1: Internet Domain Search, 3 Jun. 2014
Chart 2: Regional Domain Search, 3 Jun. 2014