| Summary: | Iceland had several disputes with its neighboring countries during the fifties, sixties and seventies over expansions of sovereign waters and control of fishing rights, known as the cod wars. Iceland was successful in securing exclusive fishing rights for its people. However, the problem of overexploitation, which lay at the heart of the disputes, did not disappear with the exclusion of foreign fleets from Icelandic waters. Instead, Icelanders swiftly replaced foreign overcapacity with their own. It took fundamental changes in fisheries policy, joint efforts of scientists and industry - and 40 years, to archive a truly sustainable management of the Icelandic cod stock. This final cod “war” – the civil war – is the story of how long run interests won over short run interests after the introduction of quota management. How industry and scientists came together to develop a harvest rule for cod. And how long it took to convince politicians to follow scientific advice rather than pursuing their own shortsighted political goals. Finally, the paper provides data on the effects abundance has on harvest costs, industry structure and profitability.
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