I. About Fiskræktarsjóður
Fiskræktarsjóður operates on basis of the Act on Fiskræktarsjóður and is under the authority of the Minister of Industries, according to article 1 of the Fiskræktarsjóður Act (with subsequent amendments).
The main role of the fund is to provide loans and grants for projects that serve the objectives of maintaining and strengthening the ecosystems in rivers and lakes, as well as increasing the value of fishing from them.
II. Who can receive a grant?
Grants from Fiskræktarsjóður are intended for:
Fiskræktarsjóður requires that funding for the project or the part of the project for which a grant is sought is in place. Grants are awarded for one year at a time.
In the case of a follow-up application, a progress report must accompany the grant application.
III. Application deadline 1 st of March each year
Applications for loans and grants from Fiskræktarsjóður must be sent to the fund's board before 1st of March each year. Applications received after that date will not be considered.
Applications must be submitted on electronic form; applications in paper form are not valid.
IV. Assessment of applications
Fiskræktarsjóður is governed by a four-member board appointed by the Minister of Industries for a four-year term. It carries out a professional assessment of applications, prioritises projects and determines the grant amount.
When assessing applications, emphasis is placed on:
innovation in research and implementation to best achieve the fund's objectives,
the applicants' ability to carry out the project, including knowledge, experience and facilities,
the feasibility of plans (work, cost and financing plans).
Cooperation with experts and whether the projects are in the public interest are also considered.
Fiskræktarsjóður is authorised to obtain opinions from the Directorate of Fisheries on applications for loans or grants, if deemed necessary. The fund is also authorised to decide to pay allocations in instalments according to the progress of projects.
V. Monitoring
Fiskræktarsjóður may require the grant recipient to demonstrate that the project's financing is in accordance with the application before the grant is paid. Fiskræktarsjóður provides for follow-up on the projects it has supported.
The board of Fiskræktarsjóður can request that grant holders inform Fiskræktarsjóður in writing about the status of projects. Fiskræktarsjóður has the right to demand repayment from the grant holder if implementation has not begun within a year of the allocation.
VI. Allocation
Decisions on grants and loans from the fund are made by the fund's board. The provisions of the Administrative Procedures Act apply to the procedure for granting loans and grants.
As this is a public fund, Fiskræktarsjóður provides information on allocated grants on the Directorate of Fisheries website. In general, however, the information will be limited to:
Other information in applications concerning the financial or business interests of applicants and other legal entities related to projects on behalf of Fiskræktarsjóður will, however, be treated as confidential.
VIII. Duration of validity
These rules are issued in accordance to the authority in the first paragraph of Article 8 of the Fiskræktarsjóður Act (with subsequent amendments) and apply to the allocation for the year 2026.
