Public health risk management during the Covid-19 pandemic, new amendments in the European Maritime and Fisheries Fund to meet fishers’ needs

Abstract

The recent COVID-19 emergency has shaped economic performance across all sectors, and the fisheries and aquaculture sector did not come out unscathed. The need to protect against risks has always been primary for economic operators, but COVID-19 has accentuated the need to obtain coverage for health risks. In this regard, the European Union has moved quickly with an amendment art. 35 of European Maritime and Fisheries Fund (Regulation [EU] No. 508/2014), including "public health crises" among the causes considered valid for compensation in mutual funds. In this paper, we analyze the evolution of Regulation 508, focusing on Article 35 and its most recent amendments, to understand if the new reform is adherent to the needs of the fisheries sector in Italy, one of the only two States that have documented in their Operational Plans the intention to implement mutual funds. The work involved an empirical analysis through the use of multivariate statistics carried out on 61 Italian stakeholders. Several company profiles were identified and then the likelihood of subscribing to a mutual fund was estimated based on their focus on health crises. The work underlines that the amendments meet the demands of the sector for improved mutual fund clauses, but it’s not yet an attractive tool for the Italian market.