(Photo: Getty Images)The Marine Research Institute has released its annual report which suggests Iceland should receive a 10 per cent rise in its cod quota.

The report, the State of Marine Stocks in Icelandic Waters 2012/2013 and Prospects for the Quota Year 2013/2014, published figures that indicate the North Atlantic nation should be allocated a significant increase in the amount of cod it is permitted to catch.

Based on the assessment, there should be a 10 percent increase in the total amount of cod the country is permitted to catch in the next fishing year, rising to 215,000 tonnes. According to the MRI's figures, the spawning stock and reference stock of cod has increased rapidly over recent years.

In March this year, ICES evaluated the haddock harvest control rule to be "precautionary" and conform with the MSY. The Icelandic government adopted the rule in April which, based on the harvest control rule, would see the country stick to the MRI's recommendation of a total allowable catch of 38,000 tons of haddock during the 2013/2014 fishing year.

The MRI report states that many of the country's commercial stocks remain in balance and are only exploited moderately. Due to this, changes in quota recommendations and stock sizes are usually affected by changes in recruitment patterns.

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