The funding is broken down according to a series of priority targets with the single largest chunk of financing, €111.2 million, awarded to promoting and valuing fishery products according to details provided by the European Fund for Maritime and Fishery Affairs.
Brussels duly noted that the funding provided to the Portuguese archipelagos of the Azores and Madeira for the 2014-2020 period was around double that in effect over the recent financial framework running from 2007-2013.
In terms of financing allocated, the second largest proportion of funding, €103.6 million, goes towards fostering a balance between fishery sector activities, the environment and sustainability with measures covering investment in innovation, energy saving, more efficient fishing fleets as well as in the port infrastructures necessary to meet the challenges of landing all the fish caught.
Fish farming in turn accounts for funding of €59 million and is designed to boost output in this sector.
“I am convinced that the package adopted today will contribute towards Portuguese fishermen and farmers facing the future with confidence and towards the prosperity of Portuguese fishing communities,” said Karmenu Vella, the European Commissioner responsible.