Right Based Fisheries Management in Iceland and Economic and Financial Crisis

An overview is given over the introduction and the development of the ITQ system in Iceland. It is shown how the economic and financial crisis affects the balance sheet of fishing firms. The gain in terms of increased pure profit (resource rent) in the fisheries post-crisis is also documented. Local communities are affected by redistribution of quotas, some of the initial effect is mitigated through inflation or deflation of real estate prices in these communities.