The Norwegian government’s proposal to increase taxes on the country's salmon farming industry will likely have ripple effects across the whole European processing sector if it takes effect.

On Sept. 28, Norway proposed a new 40 percent tax on salmon companies using the country's natural resources. The news sent shares in the farmed salmon sector' plummeting, and it has naturally been met with vocal opposition from salmon farming companies.

Only a few weeks earlier, Norwegian salmon farmers had been celebrating record earnings thanks to sky-high salmon prices.