The Icelandic ITQ System

• Main Authors: Christensen, Anne-Sofie, Hegland, Troels Jacob, Oddsson, Geir
• Other Authors: Hauge, K.H., Wilson, D.C.
• Format: Book Part
• Language: English
• Published: Springer 2009
• Subjects: Greenland; Gadus morhua; Iceland
• Online Access: https://vbn.aau.dk/da/publications/6a581130-cdfd-11de-9e10-000ea68e967b

ABSTRACT: The fisheries sector is tremendously important for Iceland: the export of fish products accounts for a large part of the value of exported goods. Fisheries policy in Iceland is, consequently, of national importance to a degree that is not comparable to any of the EU member states. Demersal fish species (including cod (Gadus morhua), haddock (Melanogrammus aeglefinus), saithe (Pollachius virens), redfish (Sebastes spp.) and Greenland halibut (Reinhardtius hippoglossoides)), flatfish and shellfish constitute almost 80% of the value of landings even though around 70% of the total volume of landings is constituted by pelagic species. Cod, which is mainly caught in the Icelanders’ own exclusive economic zone, is the economically most important fish. The aim of this chapter is to evaluate the Icelandic individual transferable quota shares system with its management innovations, e.g. harvest control rule for cod, cod equivalents, temporary closed areas, community quotas and features for regulation of quota concentration. The evaluation considers four possible fisheries management objectives, namely biological robustness, cost-effectiveness of management, economic efficiency, and social robustness. In order to make this evaluation, a thorough understanding of the past and present situation on Iceland has to be established. The chapter is based on two sources of information: desk studies and a field study trip.