(FOX NEWS) PORTSMOUTH, N.H. –  Minutes after New England fishery managers took a vote that cast doubt on the historic industry’s future, the prospects most clear to Gloucester fishermen Paul Vitale were his own.

“I’m bankrupt. That’s it,” said the 40-year-old father of three. “I’m all done. The boat’s going up for sale.”

The New England Fishery Management Council on Wednesday approved a year-to-year cut of 77 percent on the Gulf of Maine cod limit and 61 percent for Georges Bank cod.

 

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