Ireland's fishing fleet faces a projected net loss of €65.8 million in 2026 as sharply reduced quotas, falling catches, and higher fuel costs further pressure fishing businesses and coastal communities, according to a new report from Bord Iascaigh Mhara (BIM).
The State seafood development agency's Annual Fisheries Report: Findings of the National Seafood Survey 2026 forecasts a steep deterioration, with net losses rising from an estimated €28.8 million in 2025 to €9.7 million in 2024.
These figures are fleet-wide economic estimates, not losses recorded by every fishing vessel. The 2024 results are based on survey data, while the 2025 figures are provisional and the 2026 outlook is modelled rather than a final accounting result.
Landings and Revenue Set to Fall
BIM forecasts that landed weight will fall by 34% in 2026, landed value by 23% and fleet revenue by 21% compared with 2025. Gross value added is expected to fall by 47% to €64.4 million, while gross profit is forecast to deteriorate by approximately 151%.
The larger fishing fleet is expected to bear most of the impact, with revenue projected to fall by 25% to €182 million and net losses estimated at €54 million. The small-scale fleet is forecast to record net losses of €11.7 million.
The report attributes much of the deterioration to reduced quotas for mackerel, hake, blue whiting, Nephrops and haddock, alongside a projected 31% increase in fuel costs during 2026. BIM has separately examined fuel-saving measures in the Irish Sea prawn fishery.
Mackerel Quota at Historic Low
Ireland's mackerel quota fell from 39,914 tonnes in 2025 to 18,705 tonnes in 2026, the lowest in the report's time series. The 2026 quota represents just 24% of the 2020 allocation and 17% of the 2014 peak. Mackerel remained the most valuable species landed by Irish vessels in 2024, worth approximately €77 million.
The report also identifies 2026 quota reductions of 41% for blue whiting and 22% for boarfish, together with severe restrictions affecting some demersal stocks. The industry's longer-term outlook remains sensitive to future international quota negotiations, including scientific advice for mackerel catches in 2027.
Fishing Jobs and Active Vessels Decline
The report estimates that paid employment in the fishing fleet fell 17% to 2,220 jobs in 2024, while full-time equivalent employment fell 25% to 1,303. Average annual earnings per job were €28,744, below the national median of €44,816.
The active fleet numbered 1,312 vessels in 2024, down 6% from 2023, and fell further to 1,271 in 2025. The report highlights an ageing inshore workforce: the average age in the small-scale fleet was 50, and about 16% of workers were over 66.
Recruitment and succession remain concerns, despite recent measures to improve access to finance for younger fishers.
2024 Landings Increased Despite Losses
In 2024, Irish fishing vessels landed approximately 207,400 tonnes worth €302 million, an 11% increase in volume and a 4% increase in value on 2023. Nevertheless, fleet net losses widened to €9.7 million, partly reflecting a sharp reduction in operating subsidies as Brexit Adjustment Reserve supports wound down.
Provisional 2025 estimates show landings falling to approximately 184,580 tonnes, valued at €273 million. The report's catching-fleet estimates should not be confused with figures covering the wider seafood economy, including processing and aquaculture, discussed in BIM's Business of Seafood report.
Coastal Communities Face Further Pressure
BIM warns that lower quotas, higher fuel costs, and competition for marine space pose substantial risks to vessel earnings, seafood processing, exports, and coastal employment. It also notes the role of Government and EU support, including a 2026 vessel fuel support scheme.
The National Seafood Survey received 711 completed returns, representing more than 54% of the active fleet. The report's 2026 outlook is a modelled forecast and may change as fishing activity, prices and costs evolve.
You can find the full report in BIM's fisheries publications.
