Iceland is making waves in sustainable fish production as the island country faces a pivotal moment with a vote to restart European Union (EU) negotiations planned for later in the year, which could have lasting impacts on the country\u2019s fishing sector. <\/p>\n
Iceland plays a key role in the global fish market, accounting for approximately 1.1% of total wild-caught fish globally. Icelandic fishing fleets caught over 994,000 tons of fish in 2024, 28% less than in 2023, according to Statistics Iceland<\/a>. The decline was largely driven by not catching capelin that year. <\/p>\n Despite its small population, Iceland has the 5th highest GDP per capita globally, driven in part by its fishing industry, according to a European Parliament briefing<\/a>. The fishing industry generates about 12% of Iceland\u2019s total gross domestic product (GDP) and employs about 7% of the population, according to the Government of Iceland<\/a>.<\/p>\n \u201cThe Icelandic fishing industry has always been vital for the Icelandic economy,\u201d Sigrid Merino Sard\u00e0, CEO of Iceland Responsible Fisheries (IRF), told AgTechNavigator. \u201cBoth in technology and in regulation, it\u2019s always striving to be better \u2014 to be stronger \u2014 because of its importance in Icelandic economy and Icelandic society.\u201d<\/p>\n What joining the EU could mean for Iceland\u2019s fishing industry?<\/p>\n This year, Iceland faces a crucial decision for its future \u2014 to join the EU or remain outside the bloc. Iceland will hold a referendum in August to resume negotiations on EU accession, following a failed attempt to join the European bloc in 2009 after a banking crisis, according to Reuters reporting<\/a>.<\/p>\n Iceland\u2019s fishing industry has been key to the EU debate. Currently, foreign fishing vessels operate in Icelandic waters, but they have done so under the country\u2019s laws and regulations, which could change if Iceland joins the EU, Merino Sard\u00e0 explained.<\/p>\n \u201cIceland is aware that \u2026 entering the European Union, potentially, they would have to open up their fishing policy or their fishing industry, which has always been a turning point in those negotiations,\u201d she elaborated. <\/p>\n The referendum also comes as Icelandic fishers and fish processors face some challenges. Fishing and fish processing net profits declined from 25% in 2023 to 16% in 2024, with fishing and processing of fishmeal and fish oil dropping from 48% to 10.6% during the same period, according to Statistics Iceland data shared on March 31, 2026<\/a>.<\/p>\n Iceland\u2019s long sustainability, traceability history<\/p>\n Iceland\u2019s fishing industry has expanded while addressing traceability and sustainability. IRF offers two certifications for Icelandic fisheries, including one on management and another on chain of custody, administered through a third-party certification body, Merino Sard\u00e0 said.<\/p>\n