Arion Bank publishes a report on the state of the Icelandic fisheries sector

Arion Bank has published a detailed report on the state of the Icelandic fisheries sector.

Fisheries have been intertwined with Iceland’s history since the settlement of the country, weathering numerous shocks, adapting to societal change, and long maintaining their position as the backbone of the Icelandic economy.

In the report, we shed light on how the quota system created the framework that enabled Icelandic fishing companies to take a leading position on the global stage. Today, Iceland stands strong in terms of product freshness and quality, efficiency and technology in fishing and processing, utilization of raw materials, and sustainability.

We also examine the current operating conditions in the industry and consider the potential effects of the new fishing fee. Furthermore, we delve into the rapid growth of aquaculture in recent years and the large-scale plans being made in that area.

If the future mirrors the past, there is every reason to believe that Icelandic companies will continue to find ways to keep Icelandic fisheries at the forefront internationally. The sector is currently vibrant, particularly among innovative companies. However, the challenges ahead cannot be overlooked—among them the impacts of changing climate conditions and ocean warming, as well as the complex operating environment facing fish processors and others.

Iceland's world class fishing industry