Economic Impact of High Fuel Prices on the EU Fishing Fleet

Energy prices increased sharply because of the military invasion of Ukraine by Russia in February 2022, heavily impacting global economies. In 2022, the EU fishing sector paid on average about EUR 0.93 per liter of fuel; at the peak of the crisis in June, it paid EUR 1.2 per liter, around three times the normal average price. High fuel prices jeopardize the viability of the fishing sector, which is largely fuel-intensive and particularly vulnerable to fuel price increases. The European Commission responded with emergency measures, adopting a Temporary Framework for State aid rules and activating the crisis mechanism foreseen under the European Maritime, Fisheries and Aquaculture Fund (EMFAF). This communication aims to examine the economic impact of the high fuel prices and the financial support available to the EU fishing sector to assess the short-term and long-term sustainability of the EU fishing sector.

Automated summary

Energy prices increased sharply due to the Russian invasion of Ukraine, impacting global economies significantly. The fishing sector in the EU, which heavily relies on fuel, faced high fuel prices that jeopardized its viability. The European Commission responded with emergency measures and financial support to ensure the sustainability of the fishing sector.