Call for even tougher sanctions on Iceland and Faroes for over-fishing

            Even after the EU has negotiated with Iceland and the Faroe Islands, they have ignored the quotas for fishing mackerel and have caught half of the fish available.The European Parliament has demanded that stricter trade sanctions of over-fishing of mackerel be placed upon Iceland and the Faroe Islands. These trade sanctions would entail banning all the fish products and fishing gear that is imported from the EU as well as banning their vessels from the EU ports. Of the EU, Ireland is being hurt by this activity the most because Mackerel is its most valuable fish, bringing in about around €100m a year.

            This article demonstrates an attempt to resolve the Tragedy of the Commons as Iceland and the Faroe Islands are depleting the amount of Mackerel available in Europe by overfishing instead of trying to sustain the resource. Economically, this is a foolish mistake, but many do not realize that their activity (overfishing of mackerel) is pushing the marginal benefit to zero.

Source: http://www.irishexaminer.com/archives/2012/0427/business/call-for-even-tougher-sanctions-on-iceland-and-faroes-for-over-fishing-191952.html