ON THE ITQ FISHERIES MANAGEMENT-SYSTEM IN ICELAND

This paper provides a brief description of the origin, evolution, stru cture and performance of the ITQ (individual transferable quota) syste m in the Icelandic fisheries. The current ITQ fisheries management sys tem in Iceland was instituted gradually over a period of 15 years. An IQ (individual quota) system was initially imposed in the herring fish ery in 1975 and transformed into a fully fledged ITQ system in 1979. A n IQ system was introduced in the capelin fishery in 1980 and turned i nto an ITQ system 1986. An ITQ system was introduced in the demersal f isheries in 1984. Since 1990 all fisheries within the Icelandic EEZ (e xclusive economic zone) have been subject to a uniform system of indiv idual transferable quotas with only minor exceptions. The system, howe ver, is still evolving and consequently subject to further modificatio n and change. The paper discusses the social and economic impetus for the initial adoption of the ITQ fisheries management system in the var ious fisheries, sketches its subsequent development and describes the main features of the current system. It presents assessments of the bi ological and economic impact of the ITQ system and discusses its futur e prospects. The paper finds clear evidence of positive biological and economic impacts of the ITQ system in the herring and capelin fisheri es. In the demersal fisheries, the evidence is more mixed although als o in these fisheries there is evidence of substantial economic benefit s stemming from the ITQ system.