Iceland’s Quota System Won’t Be Revolutionized Skip to content

Iceland’s Quota System Won’t Be Revolutionized

Despite both government parties, the Social Democrats and the Left-Greens, having a lapse of the fishing quota on their platforms, it is considered unlikely that they will undertake radical changes to the quota system any time soon.

The harbor in Höfn, southeast Iceland. Photo by Páll Stefánsson.

According to Morgunbladid’s sources, revolutionizing the system is unlikely to happen because the current position of many fishing companies is difficult; debt in the fishing industry is almost three times higher than its annual income.

The government parties consider it unwise to undertake radical changes to the distribution of fishing quota during the current economic situation, Morgunbladid reports.

However, if fishing companies that are in possession of quota run into trouble the quota could be redistributed and then it wouldn’t be necessary to implement the quota lapse method.

Both parties have suggested an annual five percent lapse of fishing allowances, which can then be reallocated.

The Left-Greens want to enable ship owners to keep some of the quota, while the Social Democrats have proposed a special natural resource fund from which the quota would be reallocated.

The ideas of both parties include that it will be possible to rent quota from the state since the fishing resource should be in the nation’s ownership.

The Federation of Icelandic Fishing Vessel Owners (LÍÚ) opposes all proposals of allowing quota to lapse, arguing that such measures might jeopardize the operation of fishing companies.

Click here to read more about arguments against the lapse of fishing quota.

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