In the holistic approach to sustainable fisheries, factors such as development, economic performance, resource maintenance and community welfare are all-important.

The Faroe Islands have a highly developed fishery. We have a well-trained labour force, we have a modern fleet, and we have good infrastructure, considering the challenges presented by our natural environment. The problems we are experiencing are very similar to the problems that many other western European countries are experiencing in their fisheries. These problems are first and foremost related to how globalization is affecting the world. Competition with countries that have comparatively cheap labour, and the low value of the dollar, are factors that affect Faroese fisheries, just as they are affecting most other European fisheries.

Having noted this, we should, nevertheless, be quick to add that a developed fishery and sustainable development in a fishery are two very different concepts. We could say that the first tells us how far we have come in utilizing the resources of the sea, and the latter tells us how far we have come in ensuring that we do not deplete those resources, in addition to a whole range of other factors that vary from one fishery to another. It is indeed very difficult to give a satisfactory definition of what constitutes a sustainable fishery, since a fishery always involves multiple stakeholders, politics and interests -- all with their particular ideas about what constitutes a sustainable fishery. But we can say that a sustainable fishery is one that does not only focus on harvesting and immediate profits, but also takes ecological, social and cultural factors into account. In short, sustainable fisheries management must come up with long-term solutions for society in general, and not get caught up in the fire-fighting procedures that so often characterize short-term fisheries management.       

When discussing sustainable development in Faroese fisheries, we have to be aware that we are dealing with challenges that are much greater than in many other nations. The reason for this is the fact that the Faroese economy is still to a great extent a pure fisheries economy. Although the Faroes certainly have people employed in a wide range of other fields, most of these fields are still quite dependent upon the state of the fisheries. This being the case, we do not experience the same natural channeling of capital and labour into other economic sectors, as we would see in larger economies when their fisheries fail. To develop a sustainable fishery has therefore been a major priority of the government of the Faroe Islands for a long time.         

One major step towards achieving a sustainable fishery in the Faroe Islands was taken on 1 June 1996, when an effort management system was implemented. This system allocates fishing days, for one year at a time, to all vessels fishing in shallow waters; a system that should, at least in theory, be regarded as biologically sound. The system also divides the fleet into various groups, depending on equipment and vessel size, and is thus able to pinpoint where effort is to be increased and where it is to be decreased. Though generally accepted as a fundamentally sound management system, it has received some criticism over the years, and has, as a result, been revised a number of times. In 2005 some major changes have been proposed, and some of them clearly show that the government of the Faroe Islands wants to prioritize the longevity of the whole fleet instead of letting the largest and most powerful reap all the benefits. One of the changes proposed is that fishing days should not be transferable from the artisinal fleet to the industrial fleet without some restrictions, since then there would be a danger of the artisinal fleet disappearing altogether. And with it, the livelihood of many families, many of whom live in coastal villages. In fact, on 22 February, the Minister of Fisheries and Maritime Affairs, Bjørn Kalsø, said to a Faroese newspaper: "The original intention with grouping the vessels was never that money should decide which groups would survive, and which would not..."

Well then, we could ask, what should decide? Obviously, in achieving long-term, sustainable fisheries management, money is not the only deciding factor. In a more holistic approach to sustainable fisheries, factors such as development, economic performance, resource maintenance and community welfare are all important. The policy-makers of the Faroe Islands have obligations not only to provide for immediate financial efficiency, but also towards the various groups of people that make up Faroese society. They also have obligations towards the resources of the nation, and though sustainable fisheries management might be hard to clearly identify, the very least we can expect is that the people in charge are doing their best to achieve it.