Supply - Total allowable catch
The total allowable catch (TAC) is set for every fishing year (Sept-Aug) by the Minister of Fisheries and Agriculture, (see the regulation in Icelandic) based on the recommendation from the Marine Research Institute (MRI). The International Council for the Exploration of the Sea (ICES) also provides advice on many stocks.
Each vessel is allocated a certain share of the total allowable catch (TAC) of the relevant species. The catch limit of each vessel during the fishing year is thus determined on basis of the TAC of the relevant species and the vessel’s share in the total catch.
The TACs (in tons) for the main species for the fishing year 2011-2012:
| Species name | TAC, metric tons | Latin name |
| Cod | 177.000 | Gadus morhua |
| Saithe | 52.000 | Pollachius virens |
| Haddock | 45.000 | Melanogrammus aeglefinus |
| Golden redfish | 40.000 | Sebastes marinus |
| Greenland halibut | 13.000 | Reinhardtius hippoglossoides |
| Deapsea redfish | 12.000 | Sebastes mentella |
| Wolffish | 10.500 | Anarhichas lupus |
| Ling | 9.000 | Molva molva |
| Tusk | 7.000 | Brosme brosme |
| Plaice | 6.500 | Pleuronectes platessa |
| Icelandic herring | 5.000 | Clupea harengus |
| Monkfish | 2.500 | Lophius piscatorius |
| Lobster | 2.100 | Nephrops norvegicus |
| Lemon sole | 1.800 | Microstomus kitt |
| Witch | 1.300 | Glyptocephalus cynoglossus |
| Dab | 500 | Limanda limanda |
| Long rough dab | 200 | Hippoglossoides platessoides |
For further details on TACs and figures, please visit the website of the Directorate of Fisheries.