Minister of Fisheries Einar K. Gudfinnsson announced Friday that the cod fishing quota for the next fishing season will be 130,000 tons, 60,000 tons less than the last fishing season, as the Marine Research Institute has recommended.
“Nothing can replace 60,000 tons of cod,” the minister told reporters.
Gudfinnsson said the decision had been made in light of information about the size and situation of the cod stock in Icelandic waters and that actions would be taken to rebuild the cod stock, Morgunbladid reports.
The minister said new quota regulations would be entered into effect for the 2007/2008 fishing season when the fishing quota would be 20 percent of the size of the cod stock, but never lower than 130,000 tons.
Gudfinnsson also announced more money would be put into marine research, the fishing quota system would be reviewed and that counter measures would be taken to support the economy in fishing villages that will suffer the most from the quota cut.
Both Prime Minister Geir H. Haarde and Foreign Minister Ingibjörg Sólrún Gísladóttir have announced that they support the Minister of Fisheries in his decision.
“This is the right decision; although it is not a painless one, of course,” Gísladóttir said.
Click here to read more about this story.