Blue economy and the Westfjords

Future vision based on added value and sustainability

A Vision for the Future Based on Value Addition and Sustainability The blue economy is truly the economy of the Westfjords, and its components are both the foundation and growth drivers of the region.

The blue economy consists of:

  • Fisheries: Which are and will remain one of the pillars of employment in the Westfjords due to their proximity to rich fishing grounds.
  • Aquaculture: One of the largest growth drivers in the Westfjords' economy, with potential for future expansion.
  • Tourism: Has seen significant growth with the arrival of cruise ships and experiential tourism. Improved infrastructure entails further growth in the sector.
  • Biotechnology: The value lies in by-products from marine catch. In the Westfjords, pioneering work is being done with biotechnology in the fisheries sector.
  • Marine energy production: Harnessing currents, waves, and wind at sea, interesting options when it comes to energy transitions.

Fisheries

Strong Foundations for the Future

  • Fisheries have been the cornerstone of the Westfjords' economy for centuries, playing a crucial role in communities with extensive knowledge of the sector. Fisheries companies in the Westfjords are technologically advanced and must continually evolve.

  • The fisheries sector needs to keep pace with rapid developments in processing methods, marketing, and environmental impacts. It is crucial to enhance collaboration with universities to foster innovation and development within the sector in the Westfjords and maximize the utilization of raw materials.

Aquaculture

Climate friendly food production

Aquaculture in the Westfjords is experiencing significant growth. The current production in the area is about 25-30 thousand tons, but it is anticipated that production will rise to around 53 thousand tons in the coming years based on assessments of carrying capacity and risk analysis of genetic mixing. Investments will be needed in services and production that support aquaculture activities.

  • In 2-3 locations, there are ideal conditions for on-land aquaculture, and Húnaflói is open for farming species other than salmonids.
  • The development of automation and energy transitions is rapid, creating new investment opportunities.

Biotech

Value Creation Through Innovation

  • Innovative value addition: Research and development in science have enhanced our understanding of marine resources and their potential. By-products from fillet processing hold significant value that can be utilized as food, feed, dietary supplements, and highly valuable pharmaceuticals.

  • Expertise in the Westfjords: The Westfjords possess valuable expertise in the by-product processing of fisheries, an industry generating substantial value. Secure access to fresh raw materials and a forward-looking fisheries sector provide ongoing conditions for development and growth.

  • Westfjords companies ready for more: Companies in the Westfjords are prepared for further development in biotechnology. With the support of the local knowledge community, new opportunities can be built.

Coastal Aquaculture

Cultivation in the sea is independent of weather conditions.

  • Weather-independent cultivation: Ocean farming is unaffected by weather conditions.
  • Coastal aquaculture: Refers to cultivating shellfish and seaweeds in shallow waters near the shore. This practice does not involve feeding organisms but creating conditions for shellfish and seaweeds to absorb the nutrients available in the ocean. Such cultivation can support significant biomass production, amounting to thousands of tons. The Westfjords offer a unique area for the development and growth of seaweed cultivation.

Contact a local expert

Contact a local expert

Contact a local expert

Contact a local expert

  • Why the Blue Economy
  • Blue Economy in Numbers