In 1977, an aid programme to improve the fish processing industries was introduced by the EU as a part of the European Agricultural Guidance and Guarantee Fund (EAGGF). In 1993, it was split off to form a separate fund named the Financial Instrument for Fisheries Guidance (FIFG),[2] subsequently renamed European Fisheries Fund in 2007, transformed into the European Maritime and Fisheries Fund (EMFF) in 2014, and ultimately into the European Maritime, Fisheries and Aquaculture Fund (EMFAF) in 2021.[3] It is intended to indirectly assist the catching industry, as opposed to direct payments and market interventions, which have remained tasks of the European Agricultural Guarantee Fund (EAGF).
Financing has covered improvements in such fields as fish filleting, salting, drying, smoking, cooking, freezing and canning. The Fund supports attempts to introduce new technologies to the sector, improve hygiene conditions, and also fund conversions of fish processing factories to other uses. Each country is given a target for the size of its fleet. Funding is available to assist modernisation of boats and installations, but also to buy-out fishermen to reduce the fleet size. Money is available for advertising campaigns to encourage consumption of fish species that are not over-fished, or are unfamiliar to the public. Also, grants are available to assist the industry in improving product quality and managing quotas.
The adoption of the fund was not uncontested, in particular by environmental groups, as it includes the possibility to fund vessel modernisation and other measures, which might increase pressure on already overfished stocks.
From 2007 to 2013, the Fund was allocated approximately 4.3 billion Euro for the European fishing sector.