In September, following the advice of the Icelandic Marine Institute (MRI), Iceland dramatically reduced its haddock (Melanogrammus aeglefinus) quota for the new fishing year, which is now under way.

The quota for the 2012-13 fishing season is just 32,000 metric tons (MT), down from 45,000 MT last year, and significantly smaller than the 64,000 MT set in 2010. Historically, the Icelandic fleet’s haddock catches have varied from 30,000 to 70,000 MT.

The cuts are attributed to poor recruitment…