€42m payoff to cut fishing fleet by 33%

HUNDREDS of fishermen are being asked to hang up their nets under a €42 million government payoff that will reduce the national fleet by a third.

The departure deal announced yesterday would allow at least 75 larger vessels to be taken out of action.

Decommissioning payments averaging several hundred thousand euro will be made to the owners of the vessels, but about 500 fishermen employed on board will have to negotiate their own departure terms with their employers.