Iceland enacts new fishing fees amid strong industry opposition

Iceland has amended its fishing fee act, introducing significant changes to how catch values are calculated for key commercial species, a move that has drawn strong criticism from the country's fishing industry. The new act will enter into force on November 1, 2025.

A key change is a new methodology for valuing the catch of herring, blue whiting, mackerel, cod, and haddock, which will now be based on average monthly prices from the Norwegian Fisheries Agency and weighted average prices from Icelandic fish markets. The amendments also adjust the income levels that are exempt from the fee calculation, creating a different structure for cod and haddock.

The Icelandic Fisheries Association (SFS) criticised the law, claiming it was driven forward on "unsubstantiated statements" and that a proper impact assessment was not carried out before its passage. The new act does include a provision for an impact assessment on fisheries municipalities, but that report is not due until the end of 2027.

According to the SFS, the new policy could take more than 70 per cent of fishing profits when combined with other fees. The association warned this will reduce investment in new equipment and technology and make it more likely that Icelandic fish will be exported unprocessed. The new fees will be phased in, starting at 85 per cent of the full calculated amount in 2026.