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A total of ISK 437.2 million (EUR 2.9 million - USD 3.1 million) has been allocated for sixteen projects in seven municipalities.

In addition, LAXEY has completed a €40 million equity private placement and Nutreco is one of the investors.

Bjarkey Olsen Gunnarsdóttir took over from Svandís Svavarsdóttur who became Minister of Infrastructure just as a motion against her was pending this week.

The first of six Grow-out modules will produce 4,500 tons of salmon annually, culminating in a total output of 27,000 tons

Because of the collapse of the Icelandic banking system, the country withdrew its membership back in late 2009.

"While wild-caught fisheries have long been the cornerstone of our exports, the expanding aquaculture sector emerges as a promising addition," said CEO of Fisheries Iceland, Heidrun Marteinsdottir.