Faroese fishing licences to be extended to 10 years

The Faroese coalition government plans to extend fishing licences for Faroese fishing vessels from seven to ten years, according to a report by Kringvarp Føroya. An economist has questioned whether the move represents sound policy.

Hans Ellefsen, an economist at the University of the Faroe Islands, said the decision to extend licences until 2037 carries significant financial implications.

“It is a rather fundamental decision to extend the fishing licences up to 2037, because there are very large values involved. One could say it is a large gift to the current licence holders,” Ellefsen said.

Bárður á Steig Nielsen, the minister for foreign affairs and fisheries, confirmed that extending the licences to ten years was agreed upon in the coalition agreement. He added that he believes the main industry already faces a sufficient degree of uncertainty.

The change is part of a broader revision of the fisheries act currently being pursued by the sitting government.