Funding for renewal and modernisation of the fishing fleet is provided under the Operational Programme for Fisheries 1994-99 with over £11 million of EU and Exchequer aid available to support total investment of some £31 million over the period. To date, 131 vessel modernisation projects have been approved for grant-aid of just over £4 million under the operational programme representing a total investment of over £15 million.
The investment support strategy under the operational programme is designed to improve the efficiency, safety and age profile of the fleet in conformity with our mandatory EU fleet targets. The good take-up to date of available incentives for modernisation of existing vessels is contributing to those objectives.