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Cod catch for 2014 worth €2 billion

Good days for cod fisheries in the Barents Sea.

Norway and Russia have signed the fisheries agreement with a near record high cod quota.

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The quotas established 2014 are sustainable and near the limits following the scientific advice. The quota, set to 993,000 tons, is 7,000 tons lower than the all-time high one million tons in 2013.

The bi-lateral agreement was signed in St. Petersburg last Friday.

With today’s prices on cod, the first hand value of 993,000 tons will be NOK 15 billion (nearly €2 billion). 

In the same bi-lateral agreement, Norway and Russia reduces the quota for capelin dramatically, down from 200,000 tons in 2013 till 15,000 tons next year, reports Norway’s Ministry of Fisheries and Coastal affairs.