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of an industry did a way of life that has been going on for 400 yierz. it s as if no one has contemplated what the outcome s going to be. reporter: for over 400 years, new england fishermen have been earning a living at sea, feeding a nation. no one know its better than the folks here at gloucester, massachusetts, america s oldest first quarter port. but now federal regulations set to take effect in may will want only threaten, but almost definitely end that way of life. there are restrictions in the case of cod, 77% in maine. siblght% on yellow tail and gray seoul. the fishermen here say that s not enough to pay the bill. i don t think two or three months from now, you will have very may be people in the port or the aficionadoery, believing they are solvent any longer. that s how deep this cut is. reporter: this man is a fisherman and his family s been

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