MEPs will this week vote on a proposal to make available financial compensation for the EU fisheries and aquaculture sectors following the extensive disruption caused by Russia’s war against Ukraine.
Under the draft legislation, member states will be able to use the European Maritime and Fisheries Fund (EMFF) to support EU fisheries operators, producer organisations and aquaculture business whose activities have been jeopardised by the war and whose economic viability is endangered by trade and supply chain disruption.
According to MEPs, the processing sector would also benefit.
Compensation would cover not only losses of income but also additional costs these sectors have incurred related to price increases for fuel, raw materials and fish feed.
This proposed support would, according to the proposal, feature a maximum co-financing rate of 75% and should be available retroactively from the start of the Russian invasion on 24th February.
The proposal eases the rules applicable to current EMFF programmes so that financial help is available as soon as possible.