The 2022 Annual Economic Report on the EU Fishing Fleet has found that EU fisheries are suffering from the sharp increases in energy costs and inflation in 2022 and the EU fishing fleet faces a financial loss for 2022. The report, from the Scientific, Technical and Economic Committee of Fisheries (STECF) and the European Commission, provides an annual overview of the structure and economic performance of the 22 coastal EU Member State fishing fleets.
A doubling of vessel fuel costs, which according to the report resulted from the Russian military aggression in Ukraine, could have a positive side effect of spurring technological change towards energy transition that will help achieve EU climate and environment goals. Linked to energy transition is fisheries sustainability, which is also a key to helping fleets overcome financially difficult periods. In addition to conditions in 2022, the report also examined the lasting impacts from the earlier Covid pandemic, which caused weak seafood demand and tightening of market channels throughout the EU, and Brexit, which adversely affected some national fleets whose access to historical fishing grounds was cut back.
The report’s projections are “worst case” because they do not factor in any EU financial support and national state aid that could be provided and that should mitigate the socio-economic impacts of the continued increase in energy prices and inflation. To deal with both the pandemic and the Russian aggression, the EU has adopted a crisis mechanism that allows specific support to be provided under the European Maritime, Fisheries and Aquaculture Fund (EMFAF); new state aid; and a modification of the European Maritime and Fisheries Fund (EMFF) to offer specific support to help the EU fishing fleets overcome these significant financial challenges. The report is available from the Directorate General for Maritime Affairs and Fisheries on-line at https://oceans-and-fisheries.ec.europa.eu/news/