The giant squid in this movie was created by Robert Mattey, who would later in 1975 create the shark in Steven Spielberg’s film “Jaws”.
In Peter Benchley’s original novel, and in director John Hancock’s original first draft script of “Jaws 2”, it is explained that the reason why the town council of Amity Island wanted the beaches open even after all the shark attacks was because they owed money to the mob.
While making the film, director Steven Spielberg named the shark Bruce. He named him after his lawyer. This is one of the reasons the great white shark in Finding Nemo is also named Bruce.