Útveitt

Útveitt is an Icelandic term that translates to "outflow" or "out-going" and is most commonly used in the context of fishing quotas. It refers to the portion of a fishing quota that can be sold or transferred to another party. In Iceland's fisheries management system, individual transferable quotas (ITQs) are allocated to vessels. Útveitt represents the rights associated with these quotas that are not utilized by the vessel owner and can therefore be leased or sold on the open market. This mechanism allows for flexibility in the fishing industry, enabling efficient allocation of fishing rights. Vessels that have surplus quota can sell their útveitt, while those with insufficient quota can lease it to meet their needs. The concept of útveitt is a key component of Iceland's effort to manage its valuable fish stocks sustainably and economically. It aims to ensure that quotas are fished efficiently by those who can do so most cost-effectively.