European Union member states can now provide fishermen with special financial support to mitigate the impact of the conflict in the Middle East, the European Commission announced, quoted by DPA, BTA reported.
The Commission announced that around €760 million is available for immediate aid measures for the fisheries sector. The funds have already been earmarked for crisis assistance until 2027 and can now be used.
Member states decide whether and what support to offer and how to manage it.
Two types of payments are possible for fishermen, aquaculture producers, processors and retailers, including financial compensation for income losses and additional costs linked to the current market disruptions, including costs resulting from higher energy prices. Aid is also possible for organisations that temporarily “store products to stabilise market prices“.
The measure applies retroactively - from 28 February, and for expenditure incurred until the end of 2026.
In addition, “state aid of limited duration“ is expected to become possible soon, although this measure is still being coordinated.
“Military actions in the Middle East have increased the prices of energy and raw materials, which has significantly increased operating costs and reduced profits in the EU fisheries and aquaculture sector“, the EC announced, explaining the measures.
“Part of the Union fishing fleet has already ceased operations due to reduced profitability“, the European Commission warns. Similar crisis assistance was provided in 2022 following Russia's invasion of Ukraine.