Fish Farming Production to Double in Iceland Skip to content

Fish Farming Production to Double in Iceland

The production value of Icelandic fish farming this year is estimated at ISK 3 billion (USD 24 million, EUR 16 million) and has been between ISK 1.7 to 3.3 billion in the past five years.

Icelandic cod. Copyright: Icelandic Photo Agency.

In a new report, the Icelandic Aquaculture Association (TIAA) predicts that the current production capacity of 5,000 tons will double by 2015, Fréttabladid reports.

However, the production capacity has decreased in the past years because of a recession in salmon farming. On the other hand, Arctic char farming is successful where Icelanders are leading and have the largest share of the international market. Approximately 3,000 tons of Arctic char will be produced this year.

Managing director of TIAA Gudbergur Rúnarsson said the operational conditions for fish farming in Iceland have improved lately with the depreciation of the Icelandic króna. “The exchange rate was highly unfavorable in 2006 and 2007 but not anymore. […] The price has also remained good, on Arctic char, for example.”

However, TIAA members are concerned about the planned energy tax, considering that ten to 15 percent of the operational cost in fish farming is energy. Fish farmers have long lobbied for lower energy prices, as have other industries, but in vain.

Around 150 man-years are created by fish farming in Iceland, in addition to related jobs at service companies and institutions. Additionally, a number of research and development projects have been launched in relation to the industry.

Rúnarsson believes fish farming has a future in Iceland, looking towards the Faroe Islands which produce around 40,000 tons of fish per year through aquaculture.

Click here to read more about the planned energy tax and other changes to the Icelandic taxation system.

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