According to The Canadian Press, the money will be used to develop a marketing strategy to come up with new markets for the industry.
The federal government will contribute $352,000, while the provinces will kick in a combined total of $65,000.
Federal Fisheries Minister Gail Shea made the announcement last week.
The marketing strategy is being developed with the industry and the two levels of government.
The industry has been plagued by prices so low that some fishermen tied up their boats last year rather than go out.
Lobster Industry Receives Aid
CANADA - Ottawa, the Atlantic provinces and Quebec are putting just over $400,000 into the lobster industry.
