The European Maritime and Fisheries Fund or the EMFF, has finally agreed to provide extra funds to boost the UK’s fishing projects, for example the innovations in electric fishing reels. With this agreement, the UK will be receiving $350.7 million for the years 2014 to 2020. An event was held by the Marine Management Organization (MMO) of UK to officially launch the project. The MMO is the governing body that will be handling the funds given by the EMFF. Many UK and European government representatives were present in the launch.
Some of the projects that the allotted funds are addressing are fleet transitioning of the fisheries and innovations for aquaculture. The funds will also address allocation of natural resources used for improving aquaculture.
The funds will also be used for research and development. The money will go to the research of data that can help improve the fisheries as well as the management of the bodies of water in the UK vicinity. Research and development is very important because this is where the governing bodies can come up with the innovations that can help with sea management. The money will also be used for improving the technology used for the maintenance and management of products from the fisheries.
Also, the small businesses in the coastal areas will benefit from this move as they can get more capital to bring in more people to those parts. This will result in more income for the small businesses and also more awareness of the coastal areas that contain fisheries and aquaculture communities.
In general, this very move will be very good for the fishing industry of UK as a whole. By doing this, the UK’s industry will having a stronger fishing sector with a more efficient aquaculture community. Doing this will also help the economy of the UK greatly as the fishing industry is one of the biggest in the entire world.