Funding Provision
Fishing was initially funded under the European Agriculture Guidance and Guarantee Fund (EAGGF). In 1993 a separate fund was established (FIFG), the Financial Instrument for Fisheries. From 1994 to 1999 the budget for FIFG totaled 700 million ECU. Any grant from FIFG must be accompanied by a minimum contribution from the national government. A grant to business must include a proportionate contribution from the business itself. Different rates of aid are applied to different regions.
From 2007 to 2013, the European Fisheries Fund (EFF) will provide approximately 4.3 billion Euro to the European fishing sector. The adoption of the EFF was not uncontested, in particular by environmental groups, as it includes the possibility to fund vessel modernisation and other measures, which might increase pressure on already overfished stocks.
Read more about this topic: Common Fisheries Policy
Famous quotes containing the word provision:
“On every formal visit a child ought to be of the party, by way of provision for discourse.”
—Jane Austen (1775–1817)