The new scheme offers significantly improved funding terms. For vessels between 6 and 9.5 meters in length, grants of up to 85% may be awarded, while vessels over 9.5 meters in length may receive grants of up to 60%. At the same time, the self-financing requirement has been lowered to 2% and 5%, respectively.
Among other things, the initiative is intended to contribute to increased safety at sea, better opportunities for year-round fishing—particularly in East Greenland—and a general modernization of fishing capacity in these areas. The Government of Greenland expects that the scheme will increase catch volumes, generate higher earnings for fishermen, and have positive spillover effects on employment in local communities.