"Without such a scheme, the cost of purchasing a vessel would be prohibitive for many who have the skills, knowledge and experience to build a successful long-term career in the fishing industry," said Ireland's Minister for Agriculture, Food, and the Marine, Charlie McConalogue.
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Ireland has launched another new funding scheme in support of the country's fishing and seafood sector, this time aimed at helping young people purchase their first fishing vessel.
While recent funding programmes announced earlier this summer aim to support those already owning and operating fishing vessels, the Young Fisher Scheme is specifically designed to assist individuals in purchasing their first fishing vessel, the government says.
Targeted at people under 40 who have demonstrated a commitment to the fishing industry through relevant experience or vocational training, this latest scheme aims to ease the financial burden of entering the industry.
The Young Fisher Scheme also includes provisions for purchasing partial ownership of a fishing vessel. Grants of up to 40% of the cost of purchasing a vessel are available, with specific restrictions on the age and size of the vessels. The scheme offers a grant aid cap of €250,000.
Specifically, the Scheme only supports the purchase of second-hand vessels that are already within the existing Irish fleet capacity – it will not support the introduction of any new vessels into the fleet.
The funding is part of Ireland's €258 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.
“The Young Fishers scheme will help young people working in fishing to buy their own vessel, helping them get a foothold in the industry. The cost of purchasing a vessel is significant, particularly for young people, and this new scheme will help them make this first critical investment," said Caroline Bocquel, CEO of by Bord Iascaigh Mhara (BIM), Ireland’s seafood development agency, which administers the funding scheme.
“The support provided by Minister McConalogue’s Department through the Young Fishers Scheme will help build the next generation of fishers, ensuring the industry is well placed to modernise and adapt," she continued.
“As with all industries, it is important to attract a new talent and help them build meaningful, sustainable and rewarding careers. This scheme will help to ensure the fishing industry remains an attractive choice for young people to work in," Bocquel added.
“This scheme combined with other measures under the EMFAF programme, in particular the Seafood Training Scheme, will help generational renewal in the fishing industry and support its sustainability for the years to come," said Ireland's Minister for Agriculture, Food, and the Marine, Charlie McConalogue.
"I am keen to see more young people getting involved in the fishing industry," he added.
This initiative is co-funded by the Government of Ireland and the European Union under the European Maritime, Fisheries, and Aquaculture Fund 2021-2027 (EMFAF), and is administered by Bord Iascaigh Mhara (BIM), Ireland’s seafood development agency.
The Young Fisher Scheme is open for applications from 8 July until 31 October 2024 on the BIM website.