In the early 1990s, Iceland was among leading nations in the development of formal fisheries management policy and long term harvest control rules,with emphasis on the conservation and sustainable use of the economically important Icelandic cod stock which at the time required urgent management attention.

Based on the 1995 FAO Code of Conduct and the 1995 UN Fish stocks Agreement, Iceland has in recent years implemented formal fisheries management plans, including precautionary long term harvest control rules, for some of its most important fish stocks, including cod, saithe, haddock, redfish and pelagic stock like capelin and herring. These management plans have been evaluated to be in conformity with the precautionary approach by the International Council for the Exploration of the Sea (ICES).

Several commercially important stocks in Icelandic waters are however managed through advice based on the precautionary approach but without a formal objective or a long term management plan. Iceland has decided to prioritise the development and adoption of formal fisheries management plans with long term harvest control rules or other relevant measures, as appropriate, based on the precautionary approach, for the remaining commercially important stocks in Icelandic waters. The plan is to develop and implement these measures by 2027.