Regional Government pays over €3.2 million to 442 shipowners - Communication

Secretaria Regional do Mar e das Pescas

The Government of the Azores has paid €3.2 million to 442 Azorean shipowners under the Compensation Scheme for Additional Costs for Fishery Products. The payment was processed through the Financing Institute for Agriculture and Fisheries (IFAP).

“This payment represents direct support from the Regional Government to shipowners. It is intended to compensate for the additional costs associated with the Region’s outermost location and the specific characteristics of fishing activity in the archipelago,” stated the Regional Secretary for the Sea and Fisheries, Mário Rui Pinho.

The compensation aims to reduce the impact of the increased costs borne by companies in the sector and help maintain fishing activity across the various islands.

“In channelling more than €3.2 million to 442 shipowners, we are boosting the profitability, competitiveness and sustainability of an industry of economic and social importance to the Azores,” added Mário Rui Pinho.

IFAP is the entity responsible for processing the operation, with support for beneficiaries covered by the scheme provided by the Regional Government.

The measure is aligned with the policy set out in the Fisheries section of the Programme of the XIV Government of the Azores. It provides for the strengthening of regulatory mechanisms in the sector with a view to a more equitable distribution of income from the fisheries sector.

"With this payment, the Government of the Azores continues to support the feasibility of regional fishing and the economic development of an activity that is fundamental to the fishing communities in our Region," concluded the Regional Secretary for the Sea and Fisheries.