International Institute of Fisheries Economics and Trade
Abstract
In 1995 North Sea herring was estimated to have declined from previous high of around 1.5 million to 400,000 tonnes, the point at which significant reduction in recruitment had previously been observed. The response to this was to cut the fishery by reducing the human consumption TAC by 50% and reduce the catches of juvenile herring for reduction even further. In addition the European Commission proposed a management plan to be followed. Since then this management plan has been revised twice. Elements of these plans have included 15% constraints on inter-annual change in TAC, nevertheless due to other clauses the management has resulted in an increase and a subsequent decrease of 50% in TAC during the last 15 years. We present an evaluation of the economic performance of the fleets operating under the plans over this period and discuss the lessons that can be learned for the design of management plans. The analysis includes the simulation of different strategies, including the impact of stock dynamics, and uncertainties in the estimation. In addition, the economic impact of the fluctuation in the TAC, in terms of earnings, profitability, return on investment, employment, crew wages and fleet structure will be assessed
