The European Parliament will provide financial help to European Union fisheries and aquaculture sectors struggling with the economic consequences of the Russian invasion of Ukraine, including giving compensation to those who have had to stop operating or whose economic viability is threatened.
On Wednesday, 6 July, 2022, Members of European Parliament (MEPs) adopted a measure to support fishers who have had to cease their activities due to the war in Ukraine as well as producers and fishing and aquaculture operators whose activities have been disrupted as a consequence of the conflict.
MEPs also agreed with the European Council to amend the proposal to include those operators and producers whose economic viability was negatively impacted by the war and the processing sector.
E.U. member-states will be permitted to adjust rules to use the remaining resources they have available in the European Maritime and Fisheries Fund (EMFF) for the 2014-2020 programming period. Compensation can cover operators and producers’ lost income as well as additional costs incurred because of the war such as the increase in energy, raw materials, and fish-feed prices.
Aid is to be provided retroactively from 24 February, 2022, when the Russian aggression started, at a co-financing rate of 75 percent.
Part of the E.U. fleet has ceased operating due to decreasing profitability and increasing marine fuel and fish feed prices because of the military conflict, while the aquaculture and seafood processing sectors have experienced supply chain and market disruptions.