The 20 percent decline in the quota for Barents Sea cod will inevitably lead to a rise in prices, and historical data indicates upwards of a 15 percent rise, according to an analyst with Norwegian bank Nordea.

"There's no doubt 2017 will be a huge year for cod producers in terms of operating margins," Nordea's Finn-Arne Egeness told IntraFish sister publication Fiskeribladet.

"The quota decline, together with a weak Norwegian krone and increasing demand will make a big impact."

Egeness said he doesn't see prices returning to record 2007 levels, even with these factors.