Einar K. Gudfinnsson said that, although there will be a smaller supply of cod available over the next few years, overseas demand for fish caught from a sustainable stock would increase, the newspaper Fréttabladid reports.

Iceland sent shock waves through the fish processing industry in the UK and Europe when it confirmed a 60,000 tonnes (down to 133,000 tonnes) in the size of the cod quota for the new season which begins on September 1.

The country's Marine Research report revealed the size of the cod stock in Icelandic waters has reached a historical low and the institute does not expect the cod stock to grow quickly. It argued strongly that such a large cut was vital if a collapse in fish stocks was to be avoided. Cod is a valuable export product for Iceland; last year it delivered revenue totalling more than £400million. This weeks' controversial decision is expected to cost the country and its fishing industry around £120million in lost exports.

Mr Gudfinnson added: "Those who buy the most Icelandic fish find it very important to be able to prove to their customers that they are offering fish from a stock which is sustainable and harnessed responsibly.”

Most UK supermarkets and fish processors have publicly stated that they will only buy fish from sustainable sources and which has full traceability.

The fisheries minister said that the view of markets overseas was one of the factors he took into account when reaching his decision on the quota cut, adding that Iceland’s reputation in fisheries was of great importance . He believed it should be maintained.

But the chief executive of the fishing company HB Grandi, Mr Eggert B. Gudmundsson, told Fréttabladid: “The quota cut will cause us considerable harm in the short term because we cannot maintain our leadership. We have built our strength on being able to adapt to the needs of our customers and that will be more difficult with a smaller supply,”

He added: "However, the quota cut will also strengthen our image regarding cod. It demonstrates that people in this country are determined to fish sustainably and rebuild the cod stock.”

Meanwhile, the cut was will not worry every registered voter - 83 of them - in the Westfjiords town of Kaldrananeshreppur. They have all been granted a day of fishing in the river Bjarnafjardará, a rich source of trout, because the owners didn’t want to rent the river to a local fishing company anymore.

Jenny Jensdóttir, the chairman of the district council in Kaldrananeshreppur said: “This began as plain silliness. When I noticed that the number of fishing allowances was almost the same as the number of voters I figured it would be best to distribute them among the local residents instead of selling them.” She added: “I had meant for it to be a joke, but my idea was approved."

www.fishupdate.com is published by Special Publications. Special Publications also publish FISHupdate magazine, Fish Farmer, the Fish Industry Yearbook, the Scottish Seafood Processors Federation Diary, the Fish Farmer Handbook and a range of wallplanners.

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