For many Newfoundlanders and Labradorians, the war brought economic opportunities. The war disrupted much of the European fishery, resulting in a high demand for fish from other sources. As a result, the colony's fishery enjoyed several years of high demand and high prices.

During the course of the war, the Newfoundland Government's revenue steadily increased. By 1918, the colony had a surplus of over $1.1 million — the largest in its history.

The war also meant an increased demand for other products from Newfoundland and Labrador and created new business opportunities.

The Bell Island mines were one temporary exception to the business boom triggered by the war. Germany was one of the mines' main buyers for its iron ore. The loss of this customer led to a temporary setback in 1914. However, the mines eventually recovered.