Iceland's economy has seen a significant shift in its fishing industry, with cod continuing to be a key contributor but farmed salmon now surpassing it as the most valuable fish in 2023, bringing in 37 billion Icelandic kronor, followed by capelin with 32 billion kronor. The capelin fishery has experienced fluctuations, leading to no quotas issued in 2019 and 2020. The rise of farmed salmon is attributed to the increase in open cage farming in Icelandic waters, which has grown over tenfold from 2014 to 2021, boosting annual production from under 4,000 tons to nearly 45,000 tons.