Iceland to increase cod quota – Fishupdate.com

Iceland to increase cod quota Published:  19 January, 2009

GOOD news on cod – Iceland is set to increase its annual catch quota by 30,000 tons, according to the latest reports from Reykjavik.

The surprise move came at the weekend when Fisheries Minister Einar K. Gudfinnsson, Iceland´s Minister of Fisheries, announced that Iceland´s cod quota for the current fishing year of 2008-2009 will be increased from 130,000 tons to 160,000 tons.

Iceland’s current quota year started on September 1 2008 , so the new catch limits will be backdated to that period. According to Iceland Seafood International, the same increase will apply to the next fishing year 2009-2010.

The news will be well received throughout the UK, and especially at the Humber’s two fish markets. Cod prices have been running at high levels – up by an average of 20 per cent – for most of last year, although they have dropped back during the past couple of weeks.

The increase in export revenue to Iceland’s cash strapped economy is estimated to be worth around 10 billion Iceland kroners – or £50-million sterling, according to Reykjavik’s newspapers.

The news is something of a shock because only a few months ago the Government was insisting that cod quotas would not be increased this year, despite pleas from the catching industry and reports from Iceland’s Marine Research Institute that stocks were recovering. However, the romance with banking is now well and truly over and the government is looking to traditional industries like fishing to get the country back on its feet.

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