Fishing boats in the port of Getaria, Basque Country, Spain.
Photo: Adobe Stock.
The European Commission released the 2024 Annual Economic Report on the European Union fishing fleet this week, showing "a substantial improvement in the fleet's economic performance." However, the report also highlighted that, despite improved profitability, structural challenges persist.
Regarding the fleet's economic results, the EU Directorate-General for Maritime Affairs and Fisheries said the improvement in its economic performance was reflected in an increase in gross profits in both 2022 and 2023, projected at EUR 1,673 million (USD 1.76 billion) in 2024.
Progress in achieving sustainable stocks, higher average first-sale prices for several key species, a reduction in fishing capacity, and a decrease in both fuel prices and fuel consumption, are the factors that, according to the report, have led to this improvement.
In the release of the 2024 Annual Economic Report on the European Union fishing fleet, the EU Commission also highlighted that the improvement as regards the sustainability of EU fish stocks, driven by EU measures to reduce fishing efforts over past years, has proven economically beneficial.
"Fleets targeting stocks exploited sustainably over several years tend to improve both profitability and salaries," the release read. In addition, it also noted that, according to the report, moving towards less fuel-intensive fishing techniques not only brings environmental benefits but also reduces costs and strengthens socioeconomic resilience.
In the face of this improved profitability, the report also emphasizes various challenges facing the EU fishing fleet, among which structural problems such as the aging of vessels and the lack of new young people entering the industry stand out.
Regarding the vessels, the 2024 Annual Economic Report on the European Union fishing fleet highlighted that the number of inactive vessels continues to increase, representing 25% of the EU fleet register, and the socio-economic performance of small-scale coastal fishing fleets (SSCF) is lagging behind. Concerning attracting young talent to the fishing sector, this is one of the priorities in some member countries such as Ireland or Spain.
In July this year, the Irish Government announced that it would support young people entering the fishing industry by providing them with money to buy their first boat. The funding is part of Ireland's EUR 258 million (USD 271.8 million) Seafood Development Programme, announced in February, jointly funded by the Irish government and the EU's European Maritime, Fisheries, and Aquaculture Fund (EMFAF) 2021-2027.
A month earlier, in June, Spain – the main beneficiary member state of the EMFAF with a budget allocation of EUR 1,120 million (USD 1.18 billion) -, announced it would use this investment to meet the challenges of generational renewal and local development to ensure the production, processing, and marketing of fishery and aquaculture products. Fisheries accounted for 49.9% of the funds.
This 2024 report has been produced by experts from the Scientific, Technical and Economic Committee for Fisheries (STECF) and European Commission economists, and it provides baseline data, trends, and analysis that are widely used for policy formulation by the European Commission, EU Member States, stakeholders, in particular Advisory Councils and NGOs.
The EU Directorate-General for Maritime Affairs and Fisheries said in particular that the report's findings will be used to inform policy decisions and support ongoing negotiations on total allowable catches (TACs) and in regional fisheries management organizations (RFMOs).
Finally, commenting on the 2024 Annual Economic Report on the European Union fishing fleet, the Executive Vice-President in charge of the European Green Deal, Maroš Šefčovič, pointed out that the prosperity of the EU fisheries sector is crucial for thriving coastal communities.
"While the sector shows 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," he stated.