The Faroese Effort Quota Management System

Abstract

This article puts forward an analysis of the effort quota management system that has regulated the valuable demersal fish stocks within Faroese maritime territory since 1996. The article outlines key issues related to Faroese domestic fisheries management and the effectiveness of the effort quota management system. A combined legal and policy analysis reveals that the present entry/exit permit system has failed to restrain effort capacity. Most importantly, demersal fish stocks are in decline and as a result the domestic fishing fleet is not performing well financially. Current permits are due to expire in 2018 but Faroese policy-makers still have wide latitude to alter the current management system or even adopt a new one.