Emptying the Seas
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This briefing note explains the distribution of subsidies for vessel construction from 1994 until 2006,when the EU ended these kinds of subsidies.
Between 1994 and 2006, the EU spent €890 million on subsidies for the construction of 5,860 new fishing vessels. EU aid was matchfunded by national government aid of €307 million and a private sector contribution of €1.4 billion.
74 per cent of EU funds financed the construction of Spanish flagged vessels. The next biggest beneficiary countries were Portugal (11 per cent) and France (6 per cent). Construction of new vessels increases EU fishing capacity and puts additional pressure on dwindling EU fish stocks.