Iceland and Norway have agreed on the quota swap deals for certain times of the year, with Norway granting Iceland a cod allocation in its waters in return.
However, the Norwegian Fishing Vessel Owners Federation has written to its Ministry of Fisheries to explain that this year's catch is much less than what it should be and has claimed that much of the blame lies with Iceland as they have been "unable" to catch their allocated quota.
Some of the tension between the countries relates to disputes over mackerel at a time when fishing relations appear to be rapidly deteriorating. Some members of Norwegian fishing federation Fiskebat recently said Norway should stop negotiating with Iceland altogether over mackerel.
The group said Norwegian authorities should demand compensation from Iceland to make up for the missed opportunities. Some members of Fiskebat even want the quota swap deals to be cancelled.
The mackerel dispute, which involves the Faroe Islands and the EU as well, centres on the quota allocations, with Iceland and the Faroese wanting higher quotas than are internationally recognised. Furthermore, Greenland has recently weighed in demanding its annual quota is raised.
To find out more about Icelandic fishery policies, visit the Icelandic Ministry of Fisheries and Agriculture.