Rather than encouraging sustainable fishing, EU subsidies have been fuelling the overcapacity of Europe's fishing fleets with consequent depletion of valuable fish stocks, according to new research by the NGO Pew Environment Group.

Furthermore, the study found that almost half of EU fisheries funding goes to Spain, reported EurActiv.com.

Between 1994 and 2006, 44% of all EU fisheries subsidies went to Spain alone, fishsubsidy.org -  the new website recently launched by PEW and EU Transparency - reveals, the bulk of which (35% of the total) was used to build new vessels. Moreover, 18 of the all-time top 25 recipient vessels are Spanish, and 21 out of the 25 most heavily-subsidised ports – including the top eight - are in Spain, the research shows.

According to the research, the majority (38%) of EU funding for vessels went on new construction, with another 14% spent on modernising existing fleets. In comparison, 36% of subsidies were spent on reducing fleet sizes (scrapping).

The environmental NGO alleges that 88% of the EU’s fish stocks are currently being over-fished, citing catch limits that are higher than scientists advise, unselective fishing methods, lack of enforcement of rules governing illegal, unregulated unreported fishing among the root causes of the problem.

The view that too much EU money is being spent on modernising fleets is shared by other environmental NGOs as well: Ocean 2012, a network of organisations committed to preventing over-fishing in European waters, says EU fisheries are "characterised by fleets that are able to catch more fish than are available, catch limits that are frequently set too high for reasons of political expediency, opaque decision-making procedures and a culture of non-compliance with the rules".

Meanwhile, EU fisheries ministers yesterday adopted conclusions on the sustainable development of Europe’s aquaculture at a meeting in Luxembourg, giving a fresh political impetus to the development of the sector.

Reacting to the news, the European Commission admitted that "the state of EU fish stocks continues to be dire," conceding that total allowable catches, or TACs, continue to be set "well above the level which scientists consider sustainable".