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Currently subsidies are costing the governments around the world billions of dollars and only harming the state of fisheries by increasing the fishing effort and making it easier for us to deplete the fishing stock. Money is directed to lower the costs of shipbuilding, to compensate fishermen, and to establish joint fishermen, among other things. Studies show that fishing subsidies for the Distant Water Fleets of developed nations are harming the economy and growth of developing nations. Fishing subsidies should be eliminated and the money should instead be directed to conservation programs.
Milazzo, M. (2000). The World Bank: Subsidies in World Fisheries: A Re-examination. Technical Paper, No. 406, 4-6.
Benitah, M. (June 2004). Ongoing WTO Negotiations on Fisheries SUbsidies. ASIL Insights, 1-3.
Schrank, W. (2003). Introducing Fisheries Subsidies. FAO Fisheries Technical Paper, 437, 1-5