The owners of 42 fishing vessels have accepted offers to decommission and scrap their vessels under a Government voluntary cessation scheme.
The total cost of decommissioning the vessels, which are located in fishing ports around the coast, will be €63m.
Owners have until the end of October to withdraw the vessels from service in an environmentally friendly manner.
To date four have been decommissioned by specialist recyclers in Limerick and New Ross.
The scrappage of the vessels will free up an estimated €30m worth of quota for species including prawns, hake, monkfish and haddock.
That quota will be available to remaining vessels in the fishing fleet.
The Voluntary Cessation Scheme was one of the key recommendations of a report from the Seafood Task Force, which was established to consider measures to mitigate the impacts of the fish quota share reductions arising from the post-Brexit trading arrangements.
