Danish fishermen have received a total of DKK 791 million in Brexit compensation for loss of value of their quotas now that the Danish Fisheries Agency has now completed the processing of applications for compensation for loss of quota value.
Compensation is paid to active commercial fishermen and commercial fishing companies for their losses caused by the reduction of individually owned fishing quotas as a result of the trade agreement with the UK. The compensation is financed by EU funds.
At the end of the application deadline, the Danish Fisheries Agency had received 164 applications. 157 applicants have received compensation worth a total of approximately DKK791 million.
Seven applications were rejected because their quota value loss was less than DKK10,000, or because applicants were not active fishermen at the time of application.
Applications have been received for slightly less than the earmarked amount of DKK840.80 million. Among other things, this is due to some applicants instead opting for decommissioning.
Other applicants chose not to make use of the opportunity to apply for an increased compensation rate, which would have been conditional on implementing certain green initiatives in their companies.
The funds paid compensate the fishermen for the permanent loss of value that the reduction of their individually owned quotas has brought about. The aid is intended to reduce the negative consequences of Brexit and enables the fishermen to adapt to the new situation of reduced quotas after Brexit.
The scheme is state aid approved by the EU Commission and financed by EU funds from the EU’s Brexit adjustment reserve.