Economic Impact of High Fuel Prices on the EU Fishing Fleet

Jordi Guillen (), Natacha Carvalho, Griffin Carpenter, Antonio Borriello and Angel Calvo Santos
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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

Sustainability, 2023, vol. 15, issue 18, 1-10

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.

Keywords: fuel consumption; short- and long-term break-even fuel price; economic performance; financial support (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
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