My Department's €240 million European Maritime and Fisheries Fund Operational Programme is the vehicle for financial supports to the seafood sector up to 2021. The Programme delivers a wide range of supports for aquaculture, fisheries and seafood processing through a suite of 15 schemes.
The EMFF Regulation provides for a special compensation scheme for fishermen experiencing significant economic losses arising from severe storms etc. Article 35 foresees the establishment by fishermen of a 'Mutual Fund for Adverse Climatic Events and Environmental Incidents'. This Fund would act as a form of mutual insurance for otherwise uninsurable losses, by paying compensation to affiliated fishermen for losses that exceed 30% of the fisherman's annual turnover arising from severe storms and other adverse climatic events, losses arising from environmental incidents and for the costs of rescue at sea for fishermen or fishing vessels.
The Fund must be established and managed by fishermen and be funded through the subscriptions of affiliated fishermen. The compensation would only be available to fishermen affiliated to the Fund. Support to the Fund from the EMFF Programme would be in the form of a contribution to the costs of compensation paid out by the Fund. Depending on the type of vessels or fishermen experiencing losses, EMFF assistance may be up to 80%.
My Department and BIM stand ready to assist and advise fishermen and their representatives in establishing the Fund, but the EMFF does not permit a financial contribution towards the costs of establishment or management of the Fund.
