EU Fishing Fleet Reports Profit Increase Amid Persistent Challenges

Brussels – The EU fishing fleet’s profitability improves, but challenges like ageing vessels and small-scale fleet performance remain.

The blank” rel=”noopener”>European Commission released the 2024 Annual Economic Report on the European Union fishing fleet, indicating substantial progress in the fleet’s economic performance, with gross profits rising from both 2022 and 2023 to a projected €1,673 million in 2024. The progress is attributed to factors including the achievement of more sustainable stocks, higher average first-sale prices for several critical species, a reduction in fishing capacity, lower fuel prices, and decreased fuel consumption.

What factors contributed to the EU fleet’s rising profits?

According to the EU Commission’s blank” rel=”noopener”>2024 Annual Economic Report on the European Union fishing fleet, improvements in the sustainability of EU fish stocks, driven by EU measures to regulate fishing efforts over recent years, have had significant economic benefits. Fleets targeting stocks that have been sustainably exploited over several years tend to see increased profitability and higher wages. The report also highlights that adopting less fuel-intensive fishing techniques not only brings environmental advantages but also reduces costs and supports socio-economic resilience.

What challenges does the ageing EU fleet face?

Despite these positive trends, the EU fishing fleet faces structural challenges, including ageing vessels. The number of idle vessels within the fleet continues to grow, now accounting for 25% of the EU’s fleet record. Additionally, the socio-economic performance of small-scale coastal fishing fleets is in decline.

How is the EU supporting its fisheries for greater resilience?

Executive Vice-President in charge of the European Green Deal, Maroš Šefčovič, commented: “The prosperity of our fisheries sector is vital for thriving coastal communities. While the sector shows signs of recovery from the energy crisis, we must remain focused on stock recovery to build more resilient fisheries communities. We also need to accelerate efforts to transition towards low-carbon energy uses and implement less energy-demanding vessels, gear, and fishing methods. The EU will continue to do everything possible to support a competitive and sustainable sector.”