A report by the consultants Poseidon Aquatic Resource Management for the Pew Environment Group reveals how over a six year period 4.9 billion euros in fisheries subsidies were spent financing overfishing. The study, FIFG 2000 – 2006 Shadow Evaluation, used the online resource fishsubsidy.org to analyse expenditure under the 2000 to 2006 EU fisheries subsidies mechanism, the Financial Instrument for Fisheries Guidance, and found that 29 percent went to measures that would increase fishing pressure and 17 percent on measures to support sustainable fisheries. Other findings were that during the period 3000 new vessels were built and 8000 modernised despite acknowledged overcapacity of the EU fleet.

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