Russian embargo to cost Iceland millions

Russian President, Vladimir Putin.

Russian President, Vladimir Putin. Photo: AFP

Total loss of income in Iceland as a result of the ongoing Russian embargo of Icelandic fisheries products is estimated at between ISK 990 million and ISK 2.55 billion (approx. €6.9-17.7 million) per year, according to a new report.

The report, by the Icelandic Regional Development Institute, was commissioned by the Minister for Fisheries and Agriculture Sigurður Ingi Jóhannsson.

Russia’s current ban on Icelandic fisheries products is expected to hit ten districts particularly hard. These are:

  • Eskifjörður, Fáskrúðsfjörður, Neskaupstaður, Vopnafjörður (East Iceland)
  • Raufarhöfn, Þórshöfn (North-East Iceland)
  • Höfn, Westman Islands (South Iceland)
  • Snæfellsbær (West Iceland)
  • Garður (South-West Iceland)
Eskifjörður, one of the fishing towns most heavily affected.

Eskifjörður, one of the fishing towns most heavily affected. Photo: Sigurður Bogi Sævarsson

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