Twenty-five years ago, "The Perfect Storm" roared into movie theaters. The disaster flick, starring George Clooney and Mark Wahlberg, was a riveting, fictionalized account of commercial swordfishing in New England and a crew who went down in a violent storm.

The anniversary of the film's release, on June 30, 2000, provides an opportunity to reflect on the real-life changes to New England's commercial fishing industry.

In the true story behind the movie, six men lost their lives in late October 1991 when the commercial swordfishing vessel Andrea Gail disappeared in a fierce storm in the North Atlantic as it was headed home to Gloucester, Massachusetts.

At the time, and until very recently, almost all commercial fisheries were open access, meaning there were no restrictions on who could fish.

There were permit requirements and regulations about where, when and how you could fish, but anyone with the means to purchase a boat and associated permits, gear, bait and fuel could enter the fishery. Eight regional councils established under a 1976 federal law to manage fisheries around the U.S. determined how many fish could be harvested prior to the start of each fishing season.

Fishing started when the season opened and continued until the catch limit was reached. In some fisheries, this resulted in a "race to the fish" or a "derby," where vessels competed aggressively to harvest the available catch in short amounts of time. The limit could be reached in a single day, as happened in the Pacific halibut fishery in the late 1980s.

By the 1990s, however, open access systems were coming under increased criticism from economists as concerns about overfishing rose.

The fish catch peaked in New England in 1987 and would remain far above what the fish population could sustain for two more decades. Years of overfishing led to the collapse of fish stocks, including North Atlantic cod in 1992 and Pacific sardine in 2015.

As populations declined, managers responded by cutting catch limits to allow more fish to survive and reproduce. Fishing seasons were shortened, as it took less time for the fleets to harvest the allowed catch. It became increasingly hard for fishermen to catch enough fish to earn a living.

In the early 2000s, as these economic and environmental challenges grew, fisheries managers started limiting access. Instead of allowing anyone to fish, only vessels or individuals meeting certain eligibility requirements would have the right to fish.

The most common method of limiting access in the U.S. is through limited entry permits, initially awarded to individuals or vessels based on previous participation or success in the fishery. Another approach is to assign individual harvest quotas or "catch shares" to permit holders, limiting how much each boat can bring in.

In 2007, Congress amended the 1976 Magnuson-Stevens Fishery Conservation and Management Act to promote the use of limited access programs in U.S. fisheries.

Today, limited access is common, and there are positive signs that the management change is helping achieve the law's environmental goal of preventing overfishing. Since 2000, the populations of 50 major fishing stocks have been rebuilt, meaning they have recovered to a level that can once again support fishing.

I've been following the changes as a lawyer focused on ocean and coastal issues, and I see much work still to be done.

Forty fish stocks are currently being managed under rebuilding plans that limit catch to allow the stock to grow, including Atlantic cod, which has struggled to recover due to a complex combination of factors, including climatic changes.

While many fish stocks have recovered, the effort came at an economic cost to many individual fishermen. The limited-access Northeast groundfish fishery, which includes Atlantic cod, haddock and flounder, shed nearly 800 crew positions between 2007 and 2015.

The loss of jobs and revenue from fishing impacts individual family income and relationships, strains other businesses in fishing communities, and affects those communities' overall identity and resilience, as illustrated by a recent economic snapshot of the Alaska seafood industry.

When original limited-access permit holders leave the business - for economic, personal or other reasons - their permits are either terminated or sold to other eligible permit holders, leading to fewer active vessels in the fleet. As a result, the number of vessels fishing for groundfish has declined from 719 in 2007 to 194 in 2023, meaning fewer jobs.

Because of their scarcity, limited-access permits can cost upward of US$500,000, which is often beyond the financial means of a small businesses or a young person seeking to enter the industry. The high prices may also lead retiring fishermen to sell their permits, as opposed to passing them along with the vessels to the next generation.

These economic forces have significantly altered the fishing industry, leading to more corporate and investor ownership, rather than the family-owned operations that were more common in the Andrea Gail's time.

Similar to the experience of small family farms, fishing captains and crews are being pushed into corporate arrangements that reduce their autonomy and revenues.

Consolidation can threaten the future of entire fleets, as New Bedford, Massachusetts, saw when Blue Harvest Fisheries, backed by a private equity firm, bought up vessels and other assets and then declared bankruptcy a few years later, leaving a smaller fleet and some local business and fishermen unpaid for their work. A company with local connections bought eight vessels from Blue Harvest along with 48 state and federal permits the company held.

While there are signs of recovery for New England's fisheries, challenges continue.

Warming water temperatures have shifted the distribution of some species, affecting where and when fish are harvested. For example, lobsters have moved north toward Canada. When vessels need to travel farther to find fish, that increases fuel and supply costs and time away from home.

Fisheries managers will need to continue to adapt to keep New England's fisheries healthy and productive.

One thing that, unfortunately, hasn't changed is the dangerous nature of the occupation. Between 2000 and 2019, 414 fishermen died in 245 disasters.