Minister for Agriculture, Food and the Marine Michael Creed has said that EU agreement has been reached on setting sustainable quotas for fish stocks.
His announcement follows two days of negotiations at the EU Council of Fisheries Ministers in Brussels.
It is estimated that the total package of fish quotas will be worth €275m for the Irish fishing industry next year.
The quotas will see an increase in mackerel, haddock, monkfish and megrims, but there will be a reduction in prawns.
There were big cuts in the amount of cod allowed to be caught in the Irish and North seas, while more controls were put in place in the Celtic Sea.
The minister said: "Securing agreement on rebuilding measures in the Celtic Sea was one of the most difficult aspects of these negotiations.
"Council agreed measures that will deliver the necessary protections for cod and whiting while still allowing vessels to continue fishing in a sustainable way.
"By taking these necessary steps now, we can rebuild the stocks in our Celtic Sea fisheries and avoid the need for closures."
However, Birdwatch Ireland has said the latest quotas do not go far enough, saying ministers "have failed abysmally" to end overfishing.
It said: "It appears that even the law, science and public opinion are not enough to shift the status quo.
"EU fisheries were reformed in 2013 on the basis that fishing negotiations would transition away from the annual ritual of horse trading behind closed doors.
"The EU had promised under an Irish presidency that we would adopt sustainable fisheries management and a deadline to end overfishing was set for 2020.
"Despite this legal deadline EU fisheries ministers like Ireland's Michael Creed have again ignored the science, in favour of short-term profits."
However, the chief executive of the Irish South and West Fish Producers has said there were different mitigating factors to plans made five years ago to end overfishing in EU waters.
Speaking on RTÉ's Morning Ireland Mr Murphy, whose organisation is based in Castletownbere, Co Cork said climate change has had a massive impact on stocks that normally would have recovered.
He said fishermen fish at levels that scientists set for them and they do not go above those levels every year and vessels do not target fish stocks that are in trouble.
Mr Murphy said: "Not picking on any NGO in particular, but Birdwatch Ireland - we work together inside in Advisory Councils - the problems are identified and we work together to try and find solutions.
"Any solution that we come up with - we send that on to the Commission and to our member states and to the PECH [Committee on Fisheries] in the European Parliament and that's why there's changes every year.
"So I know they might be disappointed in some of the outcomes that are there, but if you don't you are actually going to close fishing."
On the fact that these are the last fishing talks before the UK leaves the EU and the fisheries policy, Mr Murphy said this was whole new territory for Irish fishermen.
He said there would be massive negotiations between the different countries.
"From an Irish perspective, British waters are the only waters that we actually fish in besides our own," he said.
"So if we get excluded from those waters we are in serious trouble … some of our vessels catch up to 70% of their fish in English waters."