Iceland could double its seafood output, government told

SFS, also known as the Icelandic Fisheries Association, was commenting on a  proposed government employment policy which is up for consultation.

 

Together, fishing and aquaculture are worth around ISK 400 billion (£2.4bn) to the Icelandic economy. But SFS says it is more than possible to increase this to around ISK 800 billion – or eventually ISK 900 billion (£5bn plus).

 

It also transpires than aquaculture would be the largest contributor to this increase. A number of new fish farms are being built or planned over the next few years.

 

Iceland’s strict quota restrictions mean that a volume rise in fish catches is not likely but SFS does expect an increase in value as fish prices rise in foreign markets. Northern hemisphere cod prices are already at record high levels.

 

SFS has told the government: “Fish farming, both in the sea and on land, is the fastest growing part of Icelandic food production, and it is clear that continued growth will largely depend on the government’s policies going forward.

 

“Not only will the growth of fish farming contribute to increased value creation in this country, but fish farming can also become a pillar of sustainable rural development and ensure the country’s food and nutrition security.”

 

The association estimates that the increase in aquaculture could generate up to 320 billion  (£1.9bn) ISK in new revenue out of the 400-500 billion that the organisation believes the industry can earn.