The Minister of Fisheries has issued a regulation increasing the Total Allowable Catch (TAC) for cod for the current fishing year (1 September 2008 to 31 August 2009) by 30,000 tonnes, from 130,000 to 160,000 tonnes. The cod TAC for the next fishing year is also expected to be at least 160,000 tonnes.
Based on the average price of ungutted cod, the value of this additional catch can be estimated at around ISK 6.9 billion (bn). The increase in export value is considerably greater, or around ISK 10bn. In view of Iceland´s current need for foreign currency earnings, the increased cod quota is a very welcome bonus.
Cod is the country´s most important commercial fishing stock, and cod catches during the first 10 months of 2008 comprised almost one-third of the total catch value of Icelandic fishing vessels during that period.
