Minister of Fisheries Steingrímur J. Sigfússon has reached an agreement with the University of Iceland’s Institute of Economic Studies to investigate the macro-economic influence of commercial whaling in Iceland.

Factors such as the influence of whaling on employment levels, investments and export revenue will be taken into account, in addition to collateral influence on tourism and possible influence in other areas. Sigfússon has appointed a three-person committee to also review the whaling law from 1949 and the issuing of minke whale hunting licenses. The aim is to revaluate the basis for commercial whaling and complete the task before making a decision on a whaling quota for 2010.

Export revenue from Icelandic whaling products amounted to over 500,000 Euros last year which included 82 tons of fin whale meat sold to Japan for, 900 kilos of minke whale meat to the Faroe Islands and 90 kilos of whale oil to Norway.