Federal Fisheries Environmental Disaster and Assistance Act

Federal Fisheries Environmental Disaster and Assistance Act - Declares it to be the purpose of this Act to promote the national welfare by improving the economic stability of the fisheries trades through insuring against losses caused by governmental health authority action.

Title I: Federal Fisheries Environmental Disaster Insurance Corporation - Creates as an agency of and within the Department of Commerce a body corporate known as Federal Fisheries Environmental Disaster Insurance Corporation. Grants the Corporation capital stock of $25,000,000 subscribed to by the United States of America, payment for which shall, with the approval of the Secretary of Commerce, be subject to call in whole or in part by the Board of Directors of the Corporation. Authorizes necessary appropriations for the purpose of subscribing to the capital stock of the Corporation.

Vests the management of the Corporation in a Board of Directors subject to the general supervison of the Secretary. Provides that the Board shall consist of the manager of the Corporation, two other persons employed in the Department of Commerce, and two persons experienced in the insurance business who are not otherwise employed by the Government.

Provides that the Board shall be appointed by, and hold office at the pleasure of the Secretary, who shall not, himself, be a member of the Board.

Directs the Corporation, commencing with fish and shellfish catches for 1972, to insure, or reinsure insurers of: (1) fishing vessel owners and crews for losses in gross revenue incurred in a single season by inability to harvest or market its planned fish or shellfish catch because of Federal, State, or local health regulations or action determining the product to be unfit for human consumption when the cause of the determination is changed, either natural or man-made, in environmental conditions, or a newly discovered hazardous condition; (2) fishing vessel owners for costs of refitting vessels necessitated by or loss value of vessels caused by elimination of an entire fish or shellfish resource as a harvestable resource because of governmental action described above; (3) fish and shellfish dealers, processors, and wholesalers against losses incurred by inability to market or inventory of fish or shellfish because of governmental action described above; and (4) fish and shellfish importers against losses incurred by rejection of products at port of entry because of governmental action described above.

Empowers the Board to fix insurance premiums and rates. Authorizes the Secretary to appoint from time to time an advisory committee consisting of not more than 5 members, experienced in agriculture, to advise the Corporation.

Title II: Reimbursement of Commercial Fishermen - Provides that any eligible owner adversely affected by the imposition of prohibitive Federal and State restrictions in any calendar year may apply to the Secretary for a grant for the purpose of enabling such owner to meet the usual business expenses which, but for the economic loss caused him by the restrictions, such owner would be ordinarily able to meet such expenses.

Authorizes appropriations of $5,000,000 for fiscal year 1974 and $6,000,000 for fiscal year 1975 to carry out title II of this Act.

Title III: Reimbursement of Fish and Shellfish Processors and Marketing - Asserts that any eligible owner adversely affected by the imposition of prohibitive Federal, State, or local restrictions during the period specified, may apply to the Secretary for a grant under this title for the purpose of recovering losses incurred in disposition of inventory affected or lost value of fishing equipment rendered unusable because of elimination of an entire fish or shellfish resource as a harvestable resource.

Authorizes to be appropriated to carry out title III not to exceed $3,000,000 for the fiscal year 1974, and not to exceed $3,000,000 for fiscal year 1975.