Economy

EC activates mechanism to compensate the higher costs of fishing industry





 




 


EC activates mechanism to compensate the higher costs of fishing industry

Monday, March 28th 2022 – 09:34 UTC


The European fund will allow fishermen, producer organizations and associations to obtain compensation for lost income or additional costs

The European Commission activated a crisis mechanism to compensate for the rise in diesel prices, a situation linked to the war in Ukraine and that is having a significant impact on the European fisheries sector.

The mechanism is provided under the European Maritime, Fisheries and Aquaculture Fund (FEMPA) and has been adopted since Brussels considers the Russian military aggression against Ukraine “an exceptional event that causes a significant distortion of the markets”.

In effect as a result of the conflict “part of the Union fleet has stopped fishing, given the drop in the profitability of the activity and the impossibility of compensating for the increase in input costs”.

The European fund will allow fishermen, producer organizations and associations to obtain compensation for lost income or additional costs. The mechanism is enforceable from February 24, when the Russian invasion of Ukraine began, until the end of the year.

Spanish minister Luis Planas made the request at the last EU Council of Agriculture and Fisheries Ministers, and received the support from twenty country members.

Fisheries Commissioner Virginijus Sinkevičius said Brussels was studying the different actions to be taken in support of the fisheries and aquaculture sector and referred in particular to the possibility of activating Article 26 of the European Maritime and Fisheries Fund. to give “immediate help”, taking into account that the circumstances foreseen to start this mechanism are given.





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