Eleventh-hour talks between the EU and UK on the final fisheries element of the post-Brexit free trade negotiations are said to be "extremely difficult", sources have told RTÉ News.
It is understood that member states are being appraised of the EU's latest offer, which would see a 25% cut in the value of the fish quotas caught by EU boats, including Irish vessels, in UK waters.
According to one EU official, the offer made by the EU's chief negotiator Michel Barnier would be worth €160 million to the British fisheries industry.
The UK has been pressing for more than double that, which would translate to some 60% of the fish caught in UK waters.
It is understood the eight EU coastal member states are assessing the extent of the losses to European fishing communities.
They have been discussing burden sharing in recent weeks in an attempt to ensure that no one member state suffers the most.
There have been intense contacts between the EU's negotiating team in Brussels and senior officials in national capitals.
According to figures seen by RTÉ News, the Barnier offer, which is said to be final, would mean a cut in mackerel stocks worth €47m, while sole in the North Sea would be cut by €12m, herring by €8m and prawn by €5m.
The UK has demanded a phase in period of three years after which the EU would have to enter into annual negotiations to work out access to UK waters and quota share.
The EU's opening offer was ten years, but it is understood that has come down to a six-year phase in period.
One diplomat told RTÉ News the talks were "extremely difficult" and could go on beyond the weekend.
However, another official said that if the latest offer was accepted by the UK then the talks would be able to conclude.
The Killybegs Fishermen's Organisation (KFO) has called on the Government to "honour the commitment" made in Mr Barnier's initial negotiating mandate, which was to preserve the status quo in UK waters, where the EU and UK share up to 100 stocks.
The KFO's chief executive Seán O'Donoghue said the effort to keep fisheries at the heart of the EU UK trade negotiations was now "in serious jeopardy".
Mr O'Donoghue said: "The shape of a deal, as currently stands will spell the ruination of the Irish seafood sector which directly supports more than 16,000 jobs and is worth more than €1.2 billion annually to the Irish economy.
"Our industry is literally and metaphorically on the brink and in spite of repeated promises made, we are in the throes of being sold down the river.
"The one thing we wanted to avoid was a 'no-deal' situation in the interests of all our fishermen but the deal which is now being proposed is every bit as bad. We are looking at vicious and unprecedented cuts on our pelagic, shellfish and whitefish stocks.
"This is galling and if the Irish Government doesn't stand up for its fishermen and honour its written agreement made during the arduous Brexit negotiations, it could spell the death knell for an industry which has contributed so much to coastal communities.
"Our fishermen must be protected as they risk life and limb to provide fresh food in the most unforgiving environment on earth."
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