Looking towards the sea 

The fishing industry has been, and still is, one of the most powerful pillars of the Icelandic economy. Forty years ago, in 1983, the parliament enforced a law regarding the Icelandic fishing quota-system, which is a fishing management system based on catch limits, it states how much Icelandic fishermen or fishing companies can catch of each type of fish during a certain period, which is from September 1 to August 31. The quota system was established to protect Icelandic fish stocks from being overfished. Although the quota system is and has been controversial, many fishing nations look with envy at our system, which has brought us success for four decades.

It is the Minister of Fisheries who issues the quota based on the proposals given by The Marine And Freshwater Research Institute to the Ministry. The most valuable fish is the cod, and the quotas for the new fishing year are 211,309 tons, which is a 1% increase from last year. The Marine And Freshwater Research Institute believes that the population size is in good balance. The haddock quota is increased by 23% this year, while the pollock quota is cut by 7% to 66,533 tons. The quota for golden perch is 41,286, which is an increase of 62%, but it will be prohibited to fish for deep-sea perch, whereas last year the quota was 6,633 tons. The summer herring, on the other hand, is in good shape, but the quota has been increased to 92,634 tons or about 40%. For other species, the quota is unchanged for example on sea cucumbers, 2,591 tonnes. Fishing for halibut is prohibited as in previous years. All statistical information comes from the report of The Marine And Freshwater Research Institute, The state of beneficial marine stocks and advice for the fishing year 2023/2024.