Current Perceived Issues. Some fishermen feel that the system was unnecessary in the first place because the issues involved were primarily social and economic, and some feel a loss of flexibility due to the cost of certificates and the burden of administrative requirements. There is concern about "hidden," localized consolidation of certificate ownership among groups of fishermen.

Viewed on a world map, especially one with a Mercator projection (which expands the size of high-latitude countries), Iceland does not appear small, but in terms of population it certainly is. The entire population of Iceland was just under 270,000 in 1996, or slightly more than one-half that of Alaska. It goes without saying that Iceland or the Icelandic economy can hardly be noticed in any international statistics, with one exception, fishing. In 1994, Iceland ranked as the fifteenth largest fishing nation, ahead of Spain and Mexico and just behind North Korea and Denmark. In per capita terms, Iceland is roughly comparable to its neighbors in terms of gross domestic product (GDP) and many other indicators of living standards. In 1994, the per capita GDP, measured as purchasing power parity, was 90% of the GDP of the United States, 83% of Denmark's, and 30% higher than in the United Kingdom.

The Icelandic economy is heavily dependent on its fisheries. About 73% of the value of goods exported in 1996 consisted of fish and fish products. Approximately 20 years ago, fishing accounted for as much as 90% of exports. The decline is largely due to the development (since the late 1960s) of energy-intensive metal production (aluminum and ferrosilicon), which accounted for 12% of exports in 1996. In terms of total receipts of foreign currency, the fishing industry is less important but still accounts for more than half (52% in 1995). Tourism is an increasingly important source of foreign currency (12% in 1995, as estimated by the Central Bank of Iceland), but neither tourism nor services are a net source of foreign currency income; in recent years the services account has been roughly in balance.

Like other developed economies, the Icelandic economy is characterized by a large service sector and a high degree of urbanization. In 1995, about two-thirds of all employment was in private and public services, while only 11% of the population was employed in fishing and fish processing, with these latter industries contributing about 15% of the GDP. The productivity of the fishing industry therefore appears reasonably high and is probably higher than that of other industries in Iceland. About 90% of Iceland's population lives in villages and towns with more than 200 inhabitants, and 60% lives in the capital city of Reykjavík and its suburbs. The towns and villages are located primarily on the coast and scattered almost all around the island, with fishing being a dominant

Front Matter (R1-R14)

Executive Summary (1-12)

1 Introduction (13-37)

2 Fisheries Compared with Other Natural Resources (38-58)

3 U.S. and Foreign Experience: Lessons Learned (59-111)

4 Alternative Conservation and Management Measures (112-138)

5 Considerations for a National Policy on Individual Fishing Quotas (139-191)

6 Findings and Recommendations (192-224)

References (225-240)

A Relevant Sections of the Magnuson-Stevens Fishery Conservation and Management Act (241-253)

B Committee Biographies (254-256)

C Relevant Section from the Shipping Act of 1916 (257-257)

D National Standards in the Magnuson-Stevens Fishery Conservation and Management Act (258-259)

E History of Changes to the Magnuson-Stevens Fishery Conservation and Management Act (260-264)

F Acronyms and Glossary (265-279)

G Individual Fishing Quota Case Studies (280-365)

H Potential Economic Costs and Benefits of Individual Fishing Quotas to the Nation (366-408)

Index (409-422)