were active during the qualifying years but inactive in the years immediately preceding implementation. Crew members and processors are discontented that the initial allocation rewarded vessel owners and changed market power in favor of quota shareholders. There are ongoing concerns about the adequacy of enforcement and about community impacts. IFQ implementation has been accompanied by a heightened awareness of subsistence and sport catches and an effort to define harvest limits on these competing fisheries. This competition has led to concerns about localized depletion and preemption of productive sportfishing grounds by commercial fishermen. Expansion of the fishery for sablefish in Alaska state waters and the possible creation of a Gulf of Alaska community development quota (CDQ) program are also of concern.

The characteristics of the U.S. IFQ programs are summarized in Table 3.1.

Iceland's Individual Transferable Quota Program9

Prior Regulatory Conditions in the Fishery

The waters around Iceland are highly productive, and many nations have harvested fish from these waters for hundreds of years. Being keenly aware of their dependence on the sea, Icelanders attempted to reserve their coastal fish stocks by passing a law in 1948 claiming ownership of the living resources in the waters above Iceland's continental shelf. On the basis of the 1948 law, Iceland extended its fishing limits several times in the following decades.

Iceland embarked on an ambitious vessel construction program in the early 1970s and expanded rapidly into the void created by the displacement of foreign fleets with the establishment of Iceland's exclusive economic zone (EEZ). Only a few years later, overcapacity of the fleet and overexploitation of Icelandic fish stocks, particularly cod, were occurring. Gradually, it was recognized that it would be necessary to reduce fishing effort and the capacity of the fishing fleet in order to build up the stocks and increase the catches and the profitability of the industry. From 1977 onward, attempts were made to limit the size of the fishing fleet. These attempts were not particularly effective; in 1977-1983, the value of the fishing fleet increased by about 17% (2.6% annually) and the TAC for cod was consistently exceeded despite a limitation in the number of fishing days. By 1982, politicians and interest groups increasingly believed that more radical measures would be needed to limit effort.

Prior Biological and Ecological Conditions in the Fishery

Major fisheries in Iceland focus on cod, herring, capelin, haddock, and saithe. Following the establishment of Iceland's EEZ, Icelanders rapidly replaced for-


See Appendix G for a more thorough review.

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