Economic impact of high fuel prices on the EU fishing fleet
Guillén, J.; Carvalho, N.; Carpenter, G.; Borriello, A.; Calvo Santos, A. (2023). Economic impact of high fuel prices on the EU fishing fleet. Sustainability 15(18): 13660. https://dx.doi.org/10.3390/su151813660
In: Sustainability. MDPI: Basel. ISSN 2071-1050; e-ISSN 2071-1050, more
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| Author keywords |
fuel consumption; short- and long-term break-even fuel price; economic performance; financial support |
| Authors | | Top |
- Guillén, J.
- Carvalho, N.
- Carpenter, G.
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- Borriello, A.
- Calvo Santos, A.
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| 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. |
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