The European Commission has approved Italy’s EUR 285 million (USD 330 million) plan to offset higher fuel costs for its commercial fishing, aquaculture, and agriculture sectors.
Fuel prices have remained elevated due to the ongoing U.S. war on Iran, which led to the closing of the Strait of Hormuz, a critical passage for much of the world’s oil supply. The resulting rise in fuel costs has hit the commercial fishing sector hard, with many fishers considering staying tied up at the dock until they drop again.
To keep European fishing fleets fishing, the European Commission has authorized member states to provide financial support to offset the increase in fuel costs and ensure fishing trips remain profitable. In April, the commission approved the Middle East Crisis Temporary State Aid Framework (METSAF), laying out what level of financial aid can be offered.
In the months since, the commission has approved fuel aid plans proposed by Spain, France, Croatia, Ireland, Sweden, Malta, Germany, and the autonomous region of Friuli Venezia Giulia in Italy.
Now, the commission has approved a EUR 285 million scheme proposed by the Italian government. The Italian plan will offer direct grants to commercial fishers and aquaculture companies based on estimates of fuel consumption.
On 20 August, the government of Spain announced that it had made the first payments to commercial fishing businesses under its plan, providing EUR 3.2 million (USD 3.7 million) to 3,798 shipowners representing 4,034 fishing vessels. The first payment covers the period from 22 March through 30 April, and the government said it is still processing some beneficiaries and appeals.
Spain has also extended the qualifying period for receiving fuel aid, allowing shipowners to apply for compensation for increased fuel prices through 30 September.
