In fact the bank expects to double its production to over 10,000 tons with the next five years.

Currently, the main species is Atlantic Char, but there is increasing aquaculture activity in halibut, cod and salmon, says the report. However, this growth has to be viewed in the context that overall production of farmed salmon worldwide is 1.5 million tons.

According to the Icelandic Aquaculture Association, there are about 45 registered fish farms in Iceland, of which 30 have been producing juveniles, mostly for salmon on-rearing. Only four were producing juveniles for marine (white fish) species. There are 10 sea cage farms, most of which produce cod and, additionally, there are 25 land based farms , mostly involved with Atlantic Char, plus 10 mussel farms which are run on experimental basis.

Interestingly, the website IcelandReview.com has recently reported the development of a new type of warm water fish farming in the south of the country involving the breeding of Tilapia fish, which is generally associated with South East Asia. The fish feeds on grain and grows very quickly. The project could create a number of new jobs. The local municipality, the company Íslensk matorka and Matís (Icelandic Food and Biotech research and development)  have signed a declaration of intent on launching warm water fish farming at Flúdir, which is part of the development of energy-intensive food production in the area. The fish is bred in warm water of which Flúdir has plenty thanks to geothermal springs.

Meanwhile, the Islandsbanki report says that the United States looks set to be the main market for fish farmed in Iceland with exports expected to grow from the previous peak of around $39 million.

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