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Economic Impact of High Fuel Prices on the EU Fishing Fleet

Author

Listed:
  • Jordi Guillen

    (Joint Research Centre (JRC), European Commission, 21027 Ispra, Italy)

  • Natacha Carvalho

    (European Environment Agency (EEA), 1050 Copenhagen, Denmark)

  • Griffin Carpenter

    (Independent Researcher, 1000 Brussels, Belgium)

  • Antonio Borriello

    (Joint Research Centre (JRC), European Commission, 21027 Ispra, Italy)

  • Angel Calvo Santos

    (DG for Maritime Affairs and Fisheries (DG MARE), European Commission, 1000 Brussels, Belgium)

Abstract

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.

Suggested Citation

  • Jordi Guillen & Natacha Carvalho & Griffin Carpenter & Antonio Borriello & Angel Calvo Santos, 2023. "Economic Impact of High Fuel Prices on the EU Fishing Fleet," Sustainability, MDPI, vol. 15(18), pages 1-10, September.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:18:p:13660-:d:1238724
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    References listed on IDEAS

    as
    1. Robert W. R. Parker & Julia L. Blanchard & Caleb Gardner & Bridget S. Green & Klaas Hartmann & Peter H. Tyedmers & Reg A. Watson, 2018. "Fuel use and greenhouse gas emissions of world fisheries," Nature Climate Change, Nature, vol. 8(4), pages 333-337, April.
    2. Cheilari, Anna & Guillen, Jordi & Damalas, Dimitrios & Barbas, Thomas, 2013. "Effects of the fuel price crisis on the energy efficiency and the economic performance of the European Union fishing fleets," Marine Policy, Elsevier, vol. 40(C), pages 18-24.
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