The European Commission has approved an Italian plan to provide EUR 20 million (USD 23 million) in financial aid to agriculture and fisheries companies in the Friuli Venezia Giulia region.
Fuel and fertilizer prices remain elevated around the world due to the closure of the Strait of Hormuz, a chokepoint for transporting oil out of the Middle East. U.S. President Donald Trump has vacillated between threatening large-scale attacks on Iran and promising talks to open the strait, but the waterway has remained almost entirely closed since the U.S. and Israel launched attacks on Iran in February.
The tightened oil supply has led to a surge in fuel prices that have made it harder for commercial fishers to turn a profit. With fuel being the biggest operating cost for fishers, many have considered staying tied to the dock instead of venturing out for unprofitable trips.
In April, the European Commission approved the Middle East Crisis Temporary State Aid Framework (METSAF), allowing member states to provide financial aid to offset the elevated fuel prices and keep fishing fleets active.
“The recent spikes in energy prices require an immediate response,” European Commission Executive Vice President for Clean, Just, and Competitive Transition Teresa Ribera said in April. “The METSAF allows for easily applicable solutions that will sustain the continuous development of core E.U. sectors such as agriculture, fishery, and transport by cushioning the effects of the crisis.”
Spain, France, Croatia, Ireland, and Sweden have all proposed fuel aid programs that have been approved by the commission.
Now, the commission has approved a plan that will see the autonomous region of Friuli Venezia Giulia provide financial support to fishing and aquaculture companies based on fuel consumption. Aid will be capped at EUR 50,000 (USD 57,535) per company.
