San Giacomo. In 1874, the Pallavicino family sold the Aegadian Islands to Ignazio Florio, the son of a wealthy mainland industrialist, for two million liras. He invested heavily in Favignana and built a major tuna cannery on the island, bringing prosperity to many of the inhabitants. Calcarenite quarries were also opened with stone being exported to Tunisia and Libya.
The islanders had a much more difficult time during the 20th century. Favignana's economy slumped between the two World Wars and many inhabitants emigrated to the mainland and abroad. The tuna fishery also declined with the rise of factory fishing after World War II, but thanks to the Parodi Brothers (Mario, Giovanni Battista and Vittorio, but most of all the last two) who bought the factory after Florio family's troubles, the business of tuna fishing and the factory could work till the '80. Due to this business and to this family, welfare was guaranteed to almost all the old inhabitants of the island. However, the island's fortunes were turned around by the advent of tourism from the late 1960s onwards
