PEABODY, Mass. – A plan that creates a new class of fishing days, which some fishermen say gives the industry its only chance of surviving tightening rules, was given initial approval by regulators on Wednesday.

The specifics of the plan, one of five considered by the New England Fishery Management Council, were subject to change as the meeting continues through today. But its key elements become the likely foundation of regulations that will guide the centuries-old industry in coming years.

The plan was approved by a council vote of 12-4. It still must be approved by federal regulators before taking effect in May 2004.

The proposal put forward by the Gloucester-based Northeast Seafood Coalition creates a class of fishing days called “B-days” on which fishermen could target only species not considered to be overfished.

Proponents said it gives fishermen a way to earn money amid severe cutbacks, while still protecting vulnerable fish populations such as cod. They say it also allows fishermen to keep more days at sea.

“I think what it does is give everybody some hope – hope the initial allocation will be preserved into the future,” said Eric Anderson, a New Hampshire fisherman and member of the council.

Opponents said it still cuts too many fishing days. The plan calls for a minimum 35 percent cut in fishing days during its first year, something opponents said would put many fishermen out of business before they could ever enjoy the new “B-days.”

Maine fishermen also said the plan does nothing to help them, because they are too far away from the healthy fish stocks, most of which are found off the coast of southern New England.

“I have not figured out how this works for people in Maine,” said Craig Pendleton, a Portland, Maine, fisherman. “We did not have access to the fish stocks the government is telling us are rebuilt.”