Development of the individual transferable quota system in Iceland

Iceland is one of the leading countries to have adopted the Individual Transferable Quota (ITQ) system and applied the system to fisheries management. Therefore, Icelandic experiences in the ITQ system development provide good insights for fisheries policy reforms at the national level. This chapter describes the evolution of quota system in the Icelandic fisheries sector, key features of the current ITQ system and outcomes of the system. Furthermore, this chapter aims at sharing information and lessons learned from the Icelandic experiences.