The 1961 volcanic eruption destroyed the Tristan da Cunha canned crawfish factory, which was rebuilt a short time later. The crawfish catchers and processors work for the South African company Ovenstone, which has an exclusive contract to sell crawfish to the United States and Japan. Even though Tristan da Cunha is a UK overseas territory, it is not permitted direct access to European Union markets. Recent[clarification needed] economic conditions have meant that the islanders have had to draw from their reserves. The islands' financial problems may cause delays in updating communication equipment and improving education on the island. The fire of 13 February 2008 (see History) resulted in major temporary economic disruption.

Who is the UK an overseas territory of?