EU fisheries ministers have agreed to adopt an emergency aid package worth up to €2bn to help fishermen cope with soaring fuel prices.
The EU's French presidency announced the decision after European ministers met in Brussels today.
The European Commission has acknowledged the current crisis in the fishing sector, which is caused by falling fish prices, delays in reducing the size of the European fishing fleet and rocketing fuel prices.
Fuel prices for fishing vessels have risen 240% since 2002, putting severe pressure on the fishing sector.
The Federation of Irish Fishermen had called for an aid package to be immediately implemented ahead of today's meeting.
The ministers identified three key areas to focus on when tackling the crisis. Fuel dependency should be reduced, fishermen should be helped to boost the sale value of their fish and overcapacity should be cut, partly by decommissioning vessels.
