Up to 14 air craft, including two Police helicopters and the HEMS4 Air Ambulance searched the coast today for any sign of the fisherman and his missing boat. 

Two water police boats, Warrnambool and Portland's Coast Guard vessels and the Port Fairy Marine Rescue were also involved. 

The professional fisherman left Port Fairy wharf to go gummy fishing by himself about 1.30pm.

It is believed he was headed to Lady Julia Percy Island, about 22 kilometres south-west of Port Fairy.

Family members raised the alarm in the early hours of Thursday morning when he had not returned home as expected at 10pm.

A police media conference held in Port Fairy in the afternoon revealed in calm and cold conditions the search had covered the area between Warrnambool and Portland out to sea.

Senior Sergeant Tania Barbary said the search area would continue to be widened until something was found. 

The fisherman's identity has not been made public, with family members still notifying relatives he is missing.