Fishermen say quotas will cost them �800,000 a year
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A new �3.6m fish market is being opened in Appledore on Monday.
Twenty-four existing jobs will be safeguarded and 25 new jobs will be created at the market which has suffered from lack of space for years.
The money has come from the EU, the Regional Development Agency (RDA), Torridge District Council and the Bideford Trawlermen's Cooperative.
Fisheries Minister Huw Irranca-Davies said the market would help expand the fishing industry.
He told BBC News: "It's a really good example of bringing together the RDA, council and fishermen to keep the fishing industry going."
'Challenging times'
Fishermen in the South West have been hit by a 15% reduction in the amount of Dover Sole they can catch under new EU quotas.
The South Western Fish Producers Organisation reckons that EU quotas on catches will cost the region as much as �800,000 a year.
Mr Irranca-Davies admitted that the industry faced "challenging times".
He said: "Next year we must show that we have an improving state of the stock.
"It's not going to be easy, but we will be working with the South West fleet to minimise the impact."
He added that Appledore had the "potential for growing the fishing industry" and "there should be a vibrant future for fishing".
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