Marine / Fishing quota earns SIC around £1m a year
FISHING quota held by Shetland Islands Council is earning the local authority just over £1 million per year on average.
The council has held the quota since 2014, and its primary objective is to safeguard local fishermen’s access to whitefish quota and protect their ability to fish in the waters around the islands.
This quota – which is distributed to the local fishing industry – was valued at £43 million by an independent broker at the end of March 2022.
Fish quotas are the amounts of fish of different species that may be legally landed.
Shetland Islands Council’s economic development manager Tommy Coutts said the quota was originally acquired by the Shetland Development Trust to enable long-term access to a “strategically important resource”.
“The quota entitlement is held in permanent local ownership for the benefit of Shetland and is a mechanism recognised by UK and Scottish Government authorities as community quota,” he said.
“In addition to strengthening local fish catching businesses and those directly employed, the quota scheme benefits hundreds more employed in associated ancillary businesses, such as port infrastructure, fish markets, processors, engineering and transport.”
When the development trust was wound up in 2014, the council then took on the quota.
“The financial return generated by the Community Quota Scheme is determined by the economic fortunes of the fish catching sector, with each year being different,” Coutts said.
“Impacting factors include natural fluctuations in stock, market demand, scientific advice and subsequent catching restrictions.
“The income levels vary from year to year but on average the investment earns just over £1m per annum.”
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