Denmark agrees on €130 million subsidy package for fisheries, aquaculture

The package is 70% financed through EU funding.

A broad consensus in the Danish parliament agreed to a new package that should stimulate the country's fishing and aquaculture sectors over the coming years, reports CPH Post Online.

All in all, DKK 972 million (€130.6 million/$145.1 million) have been earmarked in subsidies for the sector.

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“It’s important to ensure the future of the Danish fishing industry, and I’m very happy that all parties have agreed on a deal that can put the wind in the sails of both large fishing vessels and also small trawlers,” said Esben Lunde Larsen, Denmark's minister for food and the environment.

The package is also designed to bring more life to harbors around the country.

The subsidies will be available for investment in vessels, new on-board technology and improving the general working environment.

From the available pot, DKK 53 million (€7.1 million/$7.9 million) have specifically been set aside for initiatives related to coastal fishing.

The package is 70 percent financed through EU funding and will be included on Denmark’s budget for 2018.

Before the agreement can come into force, Denmark will have to submit a proposal to the European Commission, which will have to approve the changes to the current agreement.

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