The average jumbo shrimp weighs about half an ounce. But thousands of pounds of the tiny crustaceans will be steamed, sauteed and gumboed at a hugely popular event this weekend.

An estimated 150,000 people are expected to attend the 59th annual Isle of Eight Flags Shrimp Festival in Fernandina Beach.

All those people buying food, antiques, and arts and crafts mean much to a community whose roots stretch back 451 years to the first Spanish mission there. The event brings an estimated $15 million economic impact to Fernandina Beach and Amelia Island, said festival chairman Scott Inglis.

“We get about 50,000 to 60,000 people a day coming in for this,” Inglis said. “The impact isn’t just financial. It helps all of our local nonprofits in Nassau County. They benefit. But it also gives even students who need volunteer hours in order to get their college scholarships, and also bringing in everyone together — the whole festival is all made up of all volunteers, everybody working a booth and everything.”

The festival is named “Eight Flags” because the historic city has lived under eight flags, the first the French in 1562, followed 11 years later when the Spanish established a mission on the island. In 1702, the British took over and renamed the area Amelia Island. In 1783, Florida was returned to Spain, while what is now Fernandina was mapped in 1811, named in honor of King Ferdinand VII.

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In 1812, patriots briefly seized the island, and a patriot flag flew until it was replaced by the U.S. flag. The Green Cross of Florida flew in 1817 when a soldier of fortune seized a fort on the island. A pirate laid claim to the island on behalf of the Republic of Mexico later in the 1800s. The Confederate flag flew in 1861, as Fort Clinch was taken, then Union forces retook it in early 1862.

Then in 1964, what was initially called the Shrimp Boat Festival was started to celebrate the industry centered around the shrimp trawlers that still dock on its waterfront. Two shrimp boats will be open for visits this weekend, Inglis said. And a film about the history of shrimping will be shown in a heritage movie tent on Centre Street.

The festival begins at 6 p.m. Thursday with the annual parade down Centre Street. From 3 to 10 p.m. Friday, waterfront food booths open, with the Kids Fun Zone opening from 5 to 10 p.m. At 9 p.m., the annual pirate invasion roams down Centre Street.

That means a “pirate” ship is part of the festivities prior to fireworks.

“The shrimp boat is actually going to attack the dock with cannon fire, right before the fireworks,” Inglis said. “That is kind of a nostalgic treat.”

More than 400 artisan booths will line Centre Street and the side streets, opening from 9 a.m. to 7 p.m. Saturday and 10 a.m. to 5 p.m. Sunday. Artists come from all over the Southeast, Inglis said.

Eight food booths will sit on the waterfront and seven more along Centre Street. All are sponsored by nonprofit groups and will stay open until 8 p.m. Saturday. At 1:30 p.m. Sunday, the blessing of the fleet will be held on the waterfront, including local shrimp boats and other watercraft.

All the money paid to the food vendors stays with the nonprofit group that is cooking and selling it. The shrimp festival committee also passes out donations to other nonprofits in Nassau County that do not have the manpower to volunteer at the festival. And the committee also reserves enough funds for the next year’s festival, which costs about $300,000 to put on, Inglis said.

Thousands of visitors will drive in on State Road 200 through Yulee or State Road A1A along the ocean to access the festival. Expect heavy traffic, organizers advised.

At 11 a.m. Friday, Centre Street from 8th Street to Front Street will be closed to all traffic. Police will also shut North and South 2nd, 3rd, 4th, 5th, 6th and 7th streets from Alachua to Ash streets.

“We have no problem with people bringing their dogs, but the pavement gets very hot,” Inglis said. “They need to pay attention to their animals. And it gets very crowded — you need to have patience and drink plenty of water because it seems like this year is going to be a warm one.”

Festivalgoers also will face scarce street parking downtown. So organizers ask visitors to use the city’s park-and-ride satellite lot at Fernandina Beach High School on Citrona Drive. It costs $10, with shuttle bus service to and from the event.

There also is a park-and-walk lot at the city’s Buccaneer Field at South 11th and Beech streets. That one costs $20 per car. All the parking funds go to the nonprofits that run those parking areas.

For more information, go to shrimpfestival.com.