On Monday, the vast majority of Iceland's fishermen opted for an "indefinite" strike beginning on Nov. 10 after failed wage negotiations.

Implications on the supply of North Atlantic seafood could be huge, but industry watchers canvassed by IntraFish warn against overreacting at this stage.

"There will be ongoing negotiations so I wouldn't rule out the chance of people actually finding a resolution before that goes ahead," Helgi Anton Eiríksson, CEO ​at Iceland Seafood International (ISI), told IntraFish.

Both parties will look to find a resolution before Nov.