The Earl stayed on Black Horse Island for half a day. Before leaving, he exchanged much information about the sea elves with Liszt.
Liszt did not choose to withhold information. For people nowadays, developing the sea was very difficult. Without mounts like the Rainbow Whale or a Sea Serpent sister like Ach, diving could only be done near the shore. However, it was almost impossible to discover Elf Bugs by diving near the shore.
Without the Eye of Magic, searching for Cordyceps with the naked eye was like finding a needle in the ocean.
In fact, according to the Earl's introduction, many Nobles were aware that there were elves in the sea, but few were willing to develop it—the technology, manpower, and resources required to farm in the sea, how much would that cost?
Moreover, most of the sea is populated by algae, which, apart from serving as feed for livestock, doesn't seem to have much value.