The MRAG report and the two Alternative Management Workshops have highlighted a short-list of four management scenarios (including three ITQ scenarios) that might optimise the economic situation of the NPF whilst ensuring it remains environmentally sustainable. Semi-quantitative techniques have been used to provide a preliminary evaluation of these scenarios and a preliminary cost-benefit analysis has also been conducted. This preliminary work was unable to combine all of the relevant costs and benefits for each management scenario because the full data set for such calculations was not yet available, and there was significant time and budget constraints that did not allow a full analysis to be performed.

Given the clear message that any agreed future management regime for the NPF should include ITQs or be demonstrably ‘better than ITQs’, it has come to the point at which a full cost-benefit analysis of the four short-listed management scenarios must be undertaken. This project will perform that work.