This follows the shock news last week that Australia's quota of southern bluefin tuna had been cut by 25 per cent in an effort to make the fishery sustainable.

"The bottom line is that there will be a substantial loss of jobs and money," Australian Southern Bluefin Tuna Association chief executive Brian Jeffriess said.

Tuna quota holders gathered for an urgent meeting late last week to discuss the fallout of the quota cut, which could see hundreds of local jobs and millions of dollars lost.

Mr Jeffriess said attendees at the crisis meeting last Thursday were in total shock.

He said the decision to cut the quota went completely against what they were expecting.

"We were given government assurances that any cuts would not apply until December 2010."

Because of this, tuna fishers had already employed staff, prepared boats and pontoons for the quota they thought they would be fishing for.

At the crisis meeting, industry members developed a new strategy, which was not revealed, but said all options were on the table.

Mr Jeffriess said the industry response could include legal action but the Australian government was trying hard to reduce the impact.

"The government is trying hard to reduce the impact of their sudden reversal of previous assurances, but it is of limited use, and is no compensation for the total reversal and disruption and cost to the industry."

Australia's average catch per year has been reduced from 5265 tonnes to 4015 tonnes over 2010 and 2011, which comes into effect this month.

The global catch quota was also reduced by 20 per cent from 11,810 tonnes to 9449 tonnes.