@ ValleyFiah & PelesTears - Although some resource issues will arise from the implementation of stricter regulation on the fishing industry, the long term benefits will offset the short term hardships. The economic impacts of overfishing can be seen in the collapse of the Grand Banks Fishery in the North Atlantic (As ValleyFiah referred to in his/her post).
According to Green Peace, when the Grand Banks Fishery collapsed in 1992, 40,000 people lost their jobs. The Grand Banks Fishery has not fully recovered, due mainly to the fact that the fishery was only closed to cod fishing. Balance was never restored to the ecosystem in the Grand Banks.
Cod are still taken up in nets as bycatch and their ecosystem is not protected, so the species has not had a chance to recuperate. If the regulators would have taken into account the effect the cod had on the other species in the Grand Banks, the resulting industry failure could have been diverted.