Brussels ploughs €506 million into development of Portugal’s fishing sector

The European Commission has agreed on a €506 million investment package for Portugal’s fishing sector, which will see the largest tranche – €111.2 million – destined for “the promotion and appreciation of products”, while aid for Madeira and the Azores is being ‘doubled’, compared to money made available between 2007-2013. The second major chunk will go on developing sustainability within the sector, reports Lusa.

Aquaculture – better known as fish-farming – will get an injection of €59 million, also designed to power the industry.

Introducing the package, EC environment, maritime affairs and fisheries commissioner Karmenu Vella said he was “convinced that the package will contribute to Portuguese fishermen and fish producers being able to face the future with confidence, so that coastal and fishing communities can prosper”.

Projects that will qualify for subsidies are those that are seen to be both environmentally sustainable and viable for the economy, she added.