Why subsidising new vessel construction is bad news for EU taxpayers and our oceans
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A proposed amendment to the new subsidies framework, the European Maritime Fisheries Fund (EMFF), would provide subsidies for new vessel construction – public funding put towards increasing the capacity of EU fishing fleets and putting additional pressure on fish numbers.
The €0.93 billion available annually through the EMFF is no small sum: the equivalent of nearly half (46%) of crew wages for all EU fishers. The proposed subsidy for new vessel construction is equivalent to 16.9% of crew wages. It is clear that funds of this magnitude could have a tremendous amount of societal good if put to alternative uses.
Instead of funding new vessel construction, subsidies must support the transition towards fish stock restoration and higher, sustainable, fish catches for fishers in the long-term.