Federal Fisheries Environmental and Natural Disaster Assistance Act

Federal Fisheries Environmental Disaster and Assistance Act - Declares that it is the purpose of this Act to promote the national welfare by improving the economic stability of the fisheries and fisheries trade through a system of product insurance and indemnity against losses caused by Federal, State, and local health authority action.

Title I: Federal Fisheries Environmental Disaster Insurance Corporation - Establishes the Federal Fisheries Environmental Disaster Insurance Corporation within the Department of Commerce.

Authorizes the Corporation to have capital stock of $25,000,000 subscribe by the United States. Authorizes to be appropirated such sums as are necessary to subscribed to such stock.

Provides that the management of the Corporation shall be vested in a Board of Directors which 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. Sets forth the powers of the Corporation. States that the manager of the Corporation shall be its chief executive officer with such power and authority as may be conferred upon him by the Board and requires that he shall be appointed by, and hold office at the pleasure of, the Secretary.

States that the Corporation shall insure, or reinsure insurers of: (1) fishing vessel owners and crews for losses of 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 regulation or action; (2) fishing vessel owners for costs of refitting vessels necessitated by the loss value of vessels caused by elimination of an entire fish or shellfish resource as a harvestable resource because of such action; and (3) fish and shellfish dealers, processors, and wholesalers against losses incurred by inability to market or inventory such fish or shellfish because of such action.

Exempts the Corporation from all taxation imposed by the United States or by any State, county, municipality, or local taxing authority. Provides that the Corporation shall maintain complete and accurate books and file annually with the Secretary a complete report as to the business of the Corporation. Authorizes the Secretary to establish an advisory committee to advise the Corporation with respect to carrying out the purposes of this title.

Title II: Reimbursement of Commercial Fisherman - Authorizes the Secretary to make grants to eligible owners adversely affected by the imposition of prohibitive Federal and State restrictions for the purpose of enabling such owners to meet their usual business expenses. Provides that such a grant shall not exceed 70 percent of the yearly gross earnings lost in a calendar year as a result of the imposition of such restrictions. Authorizes to be appropriated to carry out the purposes of this title not to exceed $5,000,000.

Title III: Reimbursement of Fish and Shellfish Processors and Marketers - States that any eligible owner adversely affected by the imposition of prohibitive Federal, State, or local restrictions may apply to the Secretary for a grant under this title for the purpose of recovering losses incurred in disposition of the affected fish or shellfish. Authorizes to be appropirated to carry out the purposes of this title not to exceed $3,000,000.