Fishing businesses and coastal communities across the UK will benefit from £360 million (US$480 million) of investment through a new "fishing and coastal growth fund", with £56 million (US$75 million) of the new money going to support the Scottish, Welsh and Northern Irish fishing industries.
Devolved governments in Scotland, Wales and Northern Ireland will be responsible for spending the money to best meet the specific needs of their fishing and coastal communities, according to the UK Department for Environment, Food and Rural Affairs (DEFRA).
The department said this will allow the funding to be targeted to where it matters most, with devolved governments able to work in collaboration with their local fishing industries to prioritise regional needs and best support their coastal towns and villages.
The fund will invest in the UK’s fishing fleet’s technology and equipment, train new fishers by enhancing their skills, and support coastal communities by boosting tourism and trade.
DEFRA said targeting the funding will create more secure, sustainable, and economically successful fishing and aquaculture sectors across the UK, in turn supporting local communities.
The Scottish Government (£28 million/US$37 million), the Welsh Government (£18 million/US$24 million), and the Northern Ireland Executive (£10 million/US$13 million) have been allocated a share of funding based on the Barnett Formula.