OPINION: The decision by Canada’s government to give C$320 million (US$239 million) to Newfoundland & Labrador was welcomed by local authorities, fearful of the economic impacts of Covid-19, the energy transition and low oil prices.
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Since the cod fisheries collapsed some 40 years ago, the oil industry has become the linchpin of the provincial economy, accounting for 23% of its gross domestic product and supporting 23,500 jobs.