EU fishing fleet sees improved profitability but structural challenges remain

Today, the Commission released the 2024 Annual Economic Report on the European Union fishing fleet, showing a substantial improvement in the fleet's economic performance, with gross profits increasing from both 2022 and 2023 to a projected €1,673 million in 2024. 

The improvement is attributed to several factors, including

• progress in achieving sustainable stocks 
• higher average first-sale prices for several key species 
• a reduction in fishing capacity 
• a decrease in fuel prices 
• a decrease in fuel consumption

The improvement as regards sustainability of EU fish stocks, driven by EU measures to reduce fishing effort over past years, has proven economically beneficial: fleets targeting stocks exploited sustainably over several years tend to improve both profitability and salaries. The study also shows that moving to less fuel-intensive fishing techniques brings not only environmental benefits but also decreases costs and strengthens socio-economic resilience.

However, the report also highlights several challenges faced by the EU fishing fleet, including structural problems such as aging vessels and a lack of new young entrants to the industry. The number of inactive vessels in the EU fleet continues to increase, representing 25% of the EU fleet register, and the socio-economic performance of small-scale coastal fishing fleets (SSCF) is lagging behind.

Next steps 

The report's findings will be used to inform policy decisions and support ongoing negotiations on total allowable catches (TACs) and in regional fisheries management organisations (RFMOs). 

The European Commission will also use the report's data to develop new policies and initiatives to support the long-term economic profitability of the EU fishing fleet.

Executive Vice-President in charge of the European Green Deal, Maroš Šefčovič  said:

'The prosperity of our fisheries sector is crucial for thriving coastal communities. While the sector shows signs of recovery from the energy crisis, we must continue working on stock recovery for more resilient fisheries communities. We must also double our efforts to transition towards low carbon energy uses and less energy-demanding vessels, gear and fishing methods. The EU will continue doing our utmost to support a competitive and sustainable sector.'

Background 

The annual economic report (AER) of the EU fishing fleet is the most complete and up-to-date compilation of information and statistics on the economic performance of the EU fishing fleets. 

The 2024 report has been produced by experts from the Scientific, Technical and Economic Committee for Fisheries (STECF) and European Commission economists. 

It provides reference data, trends and analyses that are extensively used for policy-making purposes by the European Commission, the EU Member States, stakeholders, particularly the Advisory Councils and NGOs.  

One of its main policy uses is to support the preparation of impact assessments on fisheries policies as well as socio-economic assessments. The AER is also widely used to support the scientific advice in the common fisheries policy. 

More information 

2024 Annual Economic Report on the European Union fishing fleet