Fishing quota owners are 85 percent fewer than they were in 1992. In that year nearly 1,100 fisheries had the right to fish cod. At the beginning of this fishing season, they had decreased to 66, Fiskifréttir reports.
Photo by Páll Stefánsson/Iceland Review
The reason for the decrease is improved arrangements within the fisheries industry, as the quota system has provided opportunities for fisheries to sell their rights to fishing quotas.
The fishing industry has been very lucrative in the past two years but many companies in the industry are overleveraged, especially the smaller ones. About 36 percent of the companies are in good shape with low debts but 24 percent are in danger of bankruptcy because of high debts.