Icelandic news outlet IceNews writes that negotiations to solve a fish quota dispute held in Reykjavik this week have failed. The Partiers with Iceland and Faroe Island on the other side of the table and EU and Norway on the other were trying to mediate what is known as a mackerel war.
The mackerel dispute has been going on for a couple years as Iceland and Faroe Island unilaterally hiked their annual catch from a miniscule amount to 130 000-150 000 tonnes each. EU and Norway quotas have lately been somewhat higher than that. The new quotas were supposed to be agreed after this meeting.
Iceland and Faroe Island argue that since the mackerel migration patterns are changing due to warmer climate conditions, they are entitled to a larger share of the quota. The economic troubles of the small islands have also played a role in the unilateral increase as Nordic mackerel demand and prices have been very strong for the last couple of years.
Norway Pelagic ASA (OSE: NPEL) says that the current catch level is not sustainable and that the dispute is putting the MSC certification in jeopardy. It has said that if the over catching does not stop, it will put the currently healthy North East Atlantic mackerel stock at risk within a few years. It has consequently not purchased any mackerel from Icelandic or Faroe fleet.
EU fisheries commissioner Maria Damanaki blamed Iceland and Faroe Island for not even trying to reach a solution. Swedish newspaper Dagens Industri says that this issue may cause major problems for Iceland’s EU membership negotiations.
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