European Union fisheries ministers agreed in Brussels to allow EU funding for the renewal and modernisation of fishing fleets for the first time in 12 years, a move Greece says meets a key national priority given its fleet is among the oldest in the bloc.
The change, agreed at a meeting of the EU’s Agriculture and Fisheries Council attended by Greek Rural Development and Food Minister Margaritis Schinas, forms part of a new regulation supporting the Common Fisheries Policy for 2028-2034.
Funding will cover not only investment in existing vessels but also the acquisition of new ones, whether built or purchased.
Crucially for Greece, support may, under set conditions, also go to fleet segments facing balance issues. Even where stocks are overfished, funding remains available as long as the measures needed to restore them are being applied, without requiring recovery to have been completed.
The framework gives special attention to coastal fishing, a mainstay of economic and social life on Greece’s islands and coastline. It offers greater flexibility on capacity rules for existing small-scale coastal vessels, making it easier to invest in upgrading them.
It also widens scope for cleaner, more efficient engines and propulsion systems, allowing capacity flexibility where investments improve energy efficiency or cut carbon dioxide emissions.
