Pelagic quota props up Faroese fishing
Herring is in plentiful supply in Faroese waters
The Faroese stock exchange (VMF) says that although in the last few years its demersal fishing market has collapsed, at the same time pelagic fishing quotas have increased and the catch has been good, propping up the country's fishing industry.
This year the Faroese pelagic fishing quotas for mackerel and herring have been set at a record high level, vital for the Faroes seeing that the prices demersal species such as cod and haddock are historically low and catches continue to decline.
The VMF says that mackerel fishing was particularly successful in 2011, but dipped a little in 2012, mainly due to the late start to the fishing season and some capacity issues.
These problems have been solved for this year though meaning that amount of mackerel unable to be fished in 2013 will be added to the 2013 quota.
Total quota for mackerel and herring will be 250,000 tonnes this year. This is a sore point for the EU and Norway though, which argue that this figure is over the country’s portion of the Total Allowable Catch (TAC) under the Common Fisheries Policy.
Disagreements escalated recently when the Faroes and Iceland decided to take steps to determine their own pelagic quotas outside of the Common Fisheries Policy – the countries maintain that their quotas have been too small when compared to the large amounts of pelagic fish found in Faroese and Icelandic waters.