The Poseidon Aquatic Resource and the Pew Environment Group have released a study which states that EU fisheries subsidies have failed to reduce fleet overcapacity, thus exerting fishing pressure on stocks at two to three times sustainable levels. The stauyd also revealed that the ten EU member states evaluated in Financial Instrument for Fisheries Guidance (FIFG) 2000-2006 Shadow Evaluation accounted for 93 percent of the €4.9billion of fisheries subsidies allocated.
As per the European Commission fleet overcapacity is the principal failure of the Common Fisheries Policy (CFP). Tim Huntington of Poseidon Aquatic Resource, said that EU fisheries subsidies and the overfishing of valuable fish stocks are clearly connected. Markus Knigge, policy and research director at the Pew Environment Group, opined that transparency has been removed with the new funding instrument. The public have a right to know what they have funded. He also said that fish stocks are a public resource that the European Commission and member states are responsible for managing sustainably on our behalf.
