Physical pain perhaps - I'd imagine the herding onto the beach still involves a fair amount of terror for the poor beasts.
Also I'm not sure I buy the either/or rationalisation presented. No doubt there are other ways to provide enough calories that might even lead to new exports.
Thankfully most of the world views whaling as a shameful throwback to less enlightened times; I look forward to the days when the remaining holdouts see the light.