Proceedings of the 7th World Conference on Management, Business and Economics
Year: 2025
DOI:
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Icelandic Fisheries: The Journey to Prosperity and Sustainability
Stefan Bjarni Gunnlaugsson
ABSTRACT:
The Icelandic fishing industry has gone through transformation in recent decades. It is now a proof of the impact good governance and sustainable management have on a resource based industry. The Icelandic fishing sector had major difficulties in the 1980s including overfishing, over capacity, and financial crisis. Given these challenges, a new strategy—the Individual Transferable Quota (ITQ) system—was adopted. Originally implemented in groundfish fisheries in 1984 and expanded practically all-around by 1991, this system changed the sector. The ITQ system has had significant effects. With surplus capacity in vessels and factories lowered, the fishing sector has grown more profitable and efficient. Fish stocks have come under sustainable management gradually. Iceland’s fisheries today serve as an example of how careful policy may produce long-term sustainability. Although some problems still exist, such the drop in employment in some rural fishing towns and the expensive fishing rights. This article discusses the significant advancements made and the continued commitment to sustainability and profitability in Iceland’s fisheries.
keywords: Fisheries, Iceland, ITQ, profitability, sustainability