Since 1980, the total annual catch in Icelandic waters has fluctuated between 0.8 and 2.2 million tonne and in most years has been from 1.5 to 2 million tonne (Figure 1). The fluctuation is largely determined by the catch of capelin, a short-lived pelagic species. Economically, though, the most important part of the catch is cod. Although it only contributes 10-15% in terms of volume, cod is a major contributor in terms of value, as reflected in an Iceland saying cited by the minister for foreign affairs in her opening address, “life is a (salted) cod”. Fisheries management in Iceland revolves around cod, but, even so, in the last quarter of a century, annual cod catches have declined from over 400 000 t to around 200 000 t (Figure 1). Even if the catch is increasingly made up of less valuable species, the export value of fish over the same period appears not to show a declining trend, even if there are inter-annual fluctuations (Figure 2). This is not only the result of the large number of food scientists being employed by the fishing industry during this period, but reflects the transition of an industry from being mainly a provider of raw materials to a knowledge-based industry that is sensitive to changes in market demands. Without the increased level of education and technology in the sector, fisheries in Iceland would not have been able to adjust the way it has to the changes in the catches.