Brussels (Brussels Morning Newspaper) – The EU fishing fleet’s profitability improves, but challenges like ageing vessels and small-scale fleet performance remain.
The European Commission released the 2024 Annual Economic Report on the European Union fishing fleet, indicating substantial progress in the fleet’s economic performance, with gross profits rising from both 2022 and 2023 to a projected €1,673 million in 2024. The progress is attributed to aspects including progress in attaining sustainable stocks, higher average first-sale prices for several critical species, a reduction in fishing capacity, a reduction in fuel prices, and a decrease in fuel consumption.
What factors contributed to the EU fleet’s rising profits?
According to the EU Commission’s 2024 Annual Economic Report on the European Union fishing fleet, the progress as regards the sustainability of EU fish stocks, pushed by EU measures to facilitate fishing efforts over past years, has proven economically beneficial: fleets targeting stocks exploited sustainably over several years tend to enhance both profitability and salaries. The study also indicates that moving to less fuel-intensive fishing techniques brings not only environmental advantages but also decreases expenses and supports socio-economic resilience.
What challenges does the ageing EU fleet face?
On the other structural challenges for the fleet include ageing vessels. The number of idle vessels in the EU fleet persists to grow, representing 25% of the EU fleet record, and the socio-economic performance of small-scale coastal fishing fleets is fading.
How is the EU supporting its fisheries for greater resilience?
In his remarks, the Executive Vice-President in charge of the European Green Deal, Maroš Šefčovič, stated: “The prosperity of our fisheries sector is important for thriving coastal communities. While the sector offers signs of recovery from the energy crisis, we must continue working on stock recovery for more resilient fisheries communities. We must also double our efforts to transition towards low carbon energy uses and less energy-demanding vessels, gear and fishing methods. The EU will continue doing our utmost to support a competitive and sustainable sector.”
