The federal government has ended the Newfoundland and Labrador cod moratorium, which gutted the province’s economy and transformed its small communities more than 30 years ago.

The Fisheries Department announced Wednesday it would re-establish a commercial cod fishery in the province, with a total allowable catch of 18,000 tonnes for the 2024 season.

“Ending the northern cod moratorium is a historic milestone for Newfoundlanders and Labradorians,” said federal Fisheries Minister Diane Lebouthillier in a news release. “It’s through working together that we have reached this moment. We will cautiously but optimistically build back this fishery with the prime beneficiaries being coastal and Indigenous communities throughout Newfoundland and Labrador.”