Fisheries management in Iceland

This paper describes the main elements of fisheries management in Iceland and its development in recent years. The system of fishery management has failed to prevent serious depletion of the cod stock. The comprehensive ITQ system in Iceland seems to be functioning well and has led to increased economic efficiency. The authorities have taken the crisis in the cod-fishery seriously and reduced the catches substantially. They have introduced a TAC rule that will lead to a recovery of the cod stock and to an optimal exploitation, providing that the authorities are prepared to persevere with the system.