Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending and correcting Regulation (EU) No 508/2014 as regards specific measures to alleviate the consequences of the military aggression of Russia against Ukraine on fishing activities and to mitigate the effects of the market disruption caused by that military aggression on the supply chain of fishery and aquaculture products
Date: 2022-04-13
Institutions: Directorate-General for Maritime Affairs and Fisheries, European Commission
Subjects: European Maritime and Fisheries Fund, Russia, Ukraine, aquaculture, common fisheries policy, eligibility criteria, fishery product, market organisation, military intervention, sea fishing, supply chain

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   EUROPEAN COMMISSION  Brussels, 13.4.2022  COM(2022) 179 final 2022/0118 (COD)  Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending and correcting Regulation (EU) No 508/2014 as regards specific measures to alleviate the consequences of the military aggression of Russia against Ukraine on fishing activities and to mitigate the effects of the market disruption caused by that military aggression on the supply chain of fishery and aquaculture products   
 
EXPLANATORY MEMORANDUM 

1. 

• 

CONTEXT OF THE PROPOSAL 

Reasons for and objectives of the proposal 

The  military  aggression  of  Russia  against  Ukraine  since  24  February  2022  is  impacting  on 
operators of the fishery and aquaculture sector in the Union. The disruption of trade flows of 
key  commodities  for  the  fishery  and  aquaculture  sector  from  Russia  and  Ukraine  abruptly 
intensified  the  increase  in  prices  of  key  inputs  such  as  energy  and  raw  materials.  Trade 
between Ukraine and the Union is also severely affected by the unavailability of transport, as 
Ukrainian airports were rendered inoperable because of the Russian attack and all commercial 
shipping  operations  in  Ukrainian  ports  have  been  suspended.  The  current  crisis  is  likely  to 
have serious consequences for the supply of grain, vegetable oils and white fish from Ukraine 
and Russia to the Union, leading to a substantial increase in fish feed prices and to shortages 
of  key  raw  materials.  Part  of  the  Union  fleet  has  ceased  fishing  because  of  the  decrease  in 
profitability of that activity and the impossibility of offsetting the increase in input costs such 
as soaring prices for energy. The combined impact of the cost increases and shortages is also 
being felt by the seafood farming and processing sectors. There is therefore significant market 
disruption, caused by substantial cost increases, and trade disruptions, requiring effective and 
efficient  action.The  military  aggression  of  Russia  against  Ukraine  also  jeopardises  the 
security of fishing activities carried out by Union fishers in neighbouring areas. This has led 
to a precautionary interruption of activities in certain areas. 

In the light of the above, the Commission is proposing an amendment to Regulation (EU) No 
508/2014  on  the  European  Maritime  and  Fisheries  Fund  (EMFF)  by  introducing  specific 
measures  to  alleviate the consequences of the military aggression of Russia against Ukraine 
on fishing activities and to mitigate the effects of the market disruption caused by that military 
aggression  on  the  supply  chain  of  fishery  and  aquaculture  products.  Expenditure  is  still 
eligible for a contribution from that Fund until 31 December 2023. 

This proposal complements Commission Implementing Decision (EU) 2022/500 of 25 March 
2022 establishing the  military  aggression of Russia against Ukraine as the occurrence of  an 
exceptional event causing a significant disruption of markets, thereby triggering crisis support 
measures under the European Maritime, Fisheries and Aquaculture Fund (EMFAF). Packages 
of  measures  under  both  the  EMFF  and  the  EMFAF  maximise  the  use  of  available  financial 
resources  to  support  the  fisheries,  aquaculture  and  seafood  processing  sectors  in  the  current 
crisis. 

• 

Consistency with existing policy provisions in the policy area 

The  proposal  is  consistent  with  Regulation  (EU)  No  1380/2013  on  the  common  fisheries 
policy  and  with  Regulation  (EU)  No  1303/2013  on  common  provisions  for  Union  Funds 
implemented under shared management.  

• 

Consistency with other Union policies 

The  proposal  is  limited  to  a  targeted  and  exceptional  amendment  of  Regulation  (EU)  No 
508/2014 and maintains consistency with other Union policies. 

2. 

• 

LEGAL BASIS, SUBSIDIARITY AND PROPORTIONALITY 

Legal basis 

Articles 43(2) and 175 of the Treaty on the Functioning of the European Union.  

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• 

Subsidiarity (for non-exclusive competence)  

Provisions of the proposal are implemented within the framework of shared management, in 
accordance with the Financial Regulation.  

• 

Proportionality 

The  proposed  provisions  comply  with  the  proportionality  principle  as  they  are  appropriate, 
necessary  and  no  other  less  restrictive  measures  are  available  to  obtain  the  desired  policy 
objectives.  

• 

Choice of the instrument 

Proposed instrument: Regulation of the European Parliament and of the Council. 

3. 

• 

RESULTS 
CONSULTATIONS AND IMPACT ASSESSMENTS 

EX-POST 

EVALUATIONS, 

OF 

STAKEHOLDER 

Ex-post evaluations/fitness checks of existing legislation 

Not applicable 

• 

Stakeholder consultations 

The  challenges  arising  from  and  the  need  to  alleviate  the  consequences  of  the  military 
aggression  of  Russia  against  Ukraine  on  fishing  activities  and  to  mitigate  the  effects  of  the 
market  disruption  caused  by  that  military  aggression  on  the  supply  chain  of  fishery  and 
aquaculture products have been raised by various stakeholders of the fishery and aquaculture 
sector and Member States representatives. All operators, stakeholders and concerned Member 
States  have  emphasised  the  need  to  secure  financial  support  for  the  fishery  and  aquaculture 
sector. 

• 

Collection and use of expertise 

Not applicable 

• 

Impact assessment 

An impact assessment is not needed, due to the exceptional and critical nature of the military 
aggression of Russia against Ukraine, which requires immediate mitigating Union measures.   

• 

Regulatory fitness and simplification 

Not applicable 

 • 

Fundamental rights 

This proposal has no consequence for the protection of fundamental rights. 

4. 

BUDGETARY IMPLICATIONS 

The  proposed  modification  does  not  imply  any  changes  in  the  Multiannual  Financial 
Framework annual ceilings for commitments and payments.  

With  fishing,  aquaculture  and  processing  activities  significantly  impacted  by  the  crisis,  the 
current  EMFF  measures  and  operational  programmes  are  not  implemented  normally. 
Therefore, to avoid losing financial resources for countering the crisis effectively, it should be 
made  possible  for  Member  States  to  reallocate  financial  resources  within  their  operational 
programme  to  the  specific  measures,  and  to  do  so  at  short  notice.  That  possibility  will  be 

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limited  by  the  budget  allocations  that  Member  States  have  already  received,  which  they 
cannot exceed.  

The available payment appropriations in the 2022 budget for the EMFF can accommodate a 
shift between Union Priorities within operational programmes. The new measures will in fact 
to a large extent replace initially planned measures, which have now to be reconsidered due to 
the  general  disruption  of  the  supply  chain.  Consequently,  the  proposed  measures  aim  to 
ensure  effective  implementation  of  the  2022  budget  and  the  2014-2020  allocation  for  the 
EMFF.  

The Commission will carefully monitor the impact of the proposed modification on payment 
appropriations in 2022 taking into account both the implementation of the budget and revised 
Member State forecasts. 

5. 

• 

OTHER ELEMENTS 

Implementation plans and monitoring, evaluation and reporting arrangements 

The  implementation,  monitoring,  evaluation  and  reporting  requirements  established  in 
Regulation (EU) No 508/2014 and Regulation (EU) No 1303/2013 apply. 

• 

Explanatory documents (for directives) 

Not applicable 

• 

Detailed explanation of the specific provisions of the proposal 

The proposal introduces the following measures to alleviate the consequences of the military 
aggression  of  Russia  against  Ukraine  on  fishing  activities  and  to  mitigate  the  effects  of  the 
market  disruption  caused  by  that  military  aggression  on  the  supply  chain  of  fishery  and 
aquaculture products: 

 

 

 

Financial  compensation  for  the  temporary  cessation  of  fishing  activities  where  the 
military  aggression  of  Russia  against  Ukraine  jeopardises  the  security  of  fishing 
operations. This compensation is subject neither to the financial ceiling established in 
Article 25(3) of the EMFF Regulation, nor to the 6 months’ maximum duration set 
out  in  Article 33(2) of that  Regulation.  It  is  supported with  the standard Union co-
financing rate of 75 % of the eligible public expenditure. 

Financial  compensation  to  recognised  producer  organisations  and  associations  of 
producer  organisations  which  store  fishery  or  aquaculture  products  in  accordance 
with 
the  storage  mechanism  of  Regulation  (EU)  No  1379/2013  (common 
organisation of the markets). 

Financial compensation to operators of the fishery and aquaculture sector (including 
the processing sector) for their income forgone, and for additional costs they incurred 
due  to  the  market  disruption  caused  by  the  military  aggression  of  Russia  against 
Ukraine and its effects on the supply chain of fishery and aquaculture products.  

The proposal introduces these compensation schemes in existing EMFF measures to facilitate 
their  quick  implementation.  Using  an  existing  framework  obviates  the  need  for  significant 
amendments to the template of the operational programmes and facilitates reprogramming by 
Member  States.  However,  it  will  be  necessary  to  make  minor  technical  adjustments  to  the 
template  of  the  operational  programmes  and  to  the  reporting  and  monitoring  system.  The 
adjustments concerning the reporting and monitoring system are not urgent, as Member States 

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have 1  year before they  are next required to provide cumulative data on operations selected 
for funding pursuant to Article 97(1)(a) of the EMFF Regulation.  

The proposal also introduces flexibility mechanisms to facilitate the quick implementation of 
these new measures: 

 

 

 

A simplified procedure for amending the operational programmes of Member States 
as regards the introduction of these measures, including the reallocation of financial 
resources thereto. 

Retroactive eligibility of expenditure as of 24 February 2022 for these measures. 

The possibility of reallocating the fixed amounts initially reserved for certain EMFF 
measures (i.e. control and enforcement, data collection) to the new measures. 

The proposal also corrects a technical mistake in Article 96 of the EMFF Regulation, in which 
‘income foregone’ should be replaced by ‘income forgone’. 

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2022/0118 (COD) 

Proposal for a 

REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 

amending and correcting Regulation (EU) No 508/2014 as regards specific measures to 
alleviate the consequences of the military aggression of Russia against Ukraine on 
fishing activities and to mitigate the effects of the market disruption caused by that 
military aggression on the supply chain of fishery and aquaculture products 

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  on  the  Functioning  of  the  European  Union,  and  in  particular 
Articles 43(2) and 175 thereof, 

Having regard to the proposal from the European Commission, 

After transmission of the draft legislative act to the national parliaments, 
Having regard to the opinion of the European Economic and Social Committee1,  
Having regard to the opinion of the Committee of the Regions2,  

Acting in accordance with the ordinary legislative procedure, 

Whereas: 

(1) 

The  military  aggression  of  Russia  against  Ukraine  since  24  February  2022  is 
impacting  on  operators  of  the  fishery  and  aquaculture  sector  in  the  Union.  The 
disruption  of  trade  flows  of  key  commodities  for  the  fishery  and  aquaculture  sector 
from Russia and Ukraine abruptly intensified the increase in prices of key inputs such 
as  energy  and  raw  materials.  Trade  between  Ukraine  and  the  Union  is  also  severely 
affected  by  the  unavailability  of  transport,  as  Ukrainian  airports  were  rendered 
inoperable  because  of  the  Russian  attack  and  all  commercial  shipping  operations  in 
Ukrainian  ports  have  been  suspended.  The  current  crisis  is  likely  to  have  serious 
consequences for the supply of grain, vegetable oils and white fish from Ukraine and 
Russia  to  the  Union,  leading  to  a  substantial  increase  in  fish  feed  prices  and  to 
shortages of key raw materials. Part of the Union fleet has ceased fishing because of 
the  decrease  in  profitability  of  that  activity  and  the  impossibility  of  offsetting  the 
increase in input costs such as soaring prices for energy. The combined impact of the 
cost increases and shortages is also being felt by the seafood farming and processing 
sectors.  There  is  therefore  significant  market  disruption,  caused  by  substantial  cost 
increases, and trade disruptions, requiring effective and efficient action. 

(2) 

Therefore,  it  should  be  possible  for  the  European  Maritime  and  Fisheries  Fund 
(EMFF) established by Regulation (EU) No 508/2014 of the European Parliament and 
of  the  Council3  to  support  specific  measures  to  mitigate  the  effects  of  the  market 

1 
2 
3 

OJ C , , p. . 
OJ C , , p. . 
Regulation (EU) No 508/2014 of the European Parliament and of the  Council of 15 May 2014 on the 
European  Maritime  and  Fisheries  Fund  and  repealing  Council  Regulations  (EC)  No 2328/2003,  (EC) 

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(3) 

(4) 

(5) 

disruption caused by the military aggression of Russia against Ukraine on the supply 
chain of fishery and aquaculture products. Those measures should comprise financial 
compensation  to  recognised  producer  organisations  and  associations  of  producer 
organisations which store fishery or aquaculture in accordance with Articles 30 and 31 
of  Regulation  (EU)  No  1379/2013  of  the  European  Parliament  and  of  the  Council4, 
and financial compensation to operators of the fishery and aquaculture sector for their 
income  forgone,  and  for  additional  costs  they  incurred  due  to  the  market  disruption 
caused  by  the  military  aggression  of  Russia  against  Ukraine  and  its  effects  on  the 
supply  chain  of  fishery  and  aquaculture  products.  Expenditure  for  operations 
supported under those measures  should be  eligible as of 24  February 2022, which is 
the date of the start of the military aggression of Russia against Ukraine.  

It  should  also  be  possible  for  the  EMFF  to  support  financial  compensation  for  the 
temporary  cessation  of  fishing  activities  where  the  military  aggression  of  Russia 
against Ukraine jeopardises the security of fishing activities. Such temporary cessation 
should  occur  as  of  24  February  2022,  which  is  the  date  of  the  start  of  the  military 
aggression of Russia against Ukraine.  

Given the significant socio‐economic consequences of the market disruption caused by 
the military  aggression of  Russia against Ukraine on the supply  chain  of  fishery and 
aquaculture  products,  it  should  be  possible  to  support  the  temporary  cessation  of 
fishing activities caused by the military aggression of  Russia against Ukraine with a 
maximum co‐financing rate of 75 % of eligible public expenditure.  

Given  the  need  for  flexibility  in  the  reallocation  of  financial  resources,  it  should  be 
possible  to  reallocate  the  fixed  amounts  established  for  control  and  enforcement 
measures  and  for  measures  on  data  collection  to  the  measures  alleviating  the 
consequences of the military aggression of Russia against Ukraine on fishing activities 
and mitigating the effects of the market disruption caused by that military aggression 
on  the  supply  chain  of  fishery  and  aquaculture  products.  For  the  same  reason,  and 
without  prejudice  to  the  existing  financial  capping  and  limitation  of  duration  for  the 
other cases of temporary cessation of fishing activities, the provision of support for the 
temporary cessation of fishing activities caused by the military aggression of  Russia 
against  Ukraine  should  not  be  subject  to  financial  capping  and  to  a  limitation  of 
duration.  The  obligation  to  deduct  support  granted  for  temporary  cessation  from 
support  granted  for  the  permanent  cessation  of  fishing  activities  to  the  same  vessel 
should continue to apply. For the sake of legal clarity as regards the implementation of 
this new case of temporary cessation, it is necessary to refer to the eligibility period set 
out in Article 65(2) of Regulation (EU) No 1303/2013 of the European Parliament and 
of the Council5.  

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No 861/2006,  (EC)  No 1198/2006  and  (EC)  No 791/2007  and  Regulation  (EU)  No 1255/2011  of  the 
European Parliament and of the Council (OJ L 149 20.5.2014, p. 1). 
Regulation (EU) No 1379/2013 of the European Parliament and of the Council of 11 December 2013 on 
the  common  organisation  of  the  markets  in  fishery  and  aquaculture  products,  amending  Council 
Regulations  (EC)  No 1184/2006  and  (EC)  No 1224/2009  and  repealing  Council  Regulation  (EC) 
No 104/2000 (OJ L 354 28.12.2013, p. 1). 
Regulation (EU) No 1303/2013 of the European Parliament and of the  Council of 17 December 2013 
laying  down  common  provisions  on  the  European  Regional  Development  Fund,  the  European  Social 
Fund,  the  Cohesion  Fund,  the  European  Agricultural  Fund  for  Rural  Development  and  the  European 
Maritime  and  Fisheries  Fund  and  laying  down  general  provisions  on  the  European  Regional 
Development  Fund,  the  European  Social  Fund,  the  Cohesion  Fund  and  the  European  Maritime  and 
Fisheries Fund and repealing Council Regulation (EC) No 1083/2006 (OJ L 347 20.12.2013, p. 320). 

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(6) 

(7) 

(8) 

(9) 

Given  the  urgency  of  providing  the  support  needed,  the  scope  of  the  simplified 
procedure  for  amending  the  operational  programmes  of  Member  States  should  be 
extended  to  include  amendments  related  to  the  specific  measures  to  alleviate  the 
consequences of the military aggression of Russia against Ukraine on fishing activities 
and to mitigate the effects of the market disruption caused by that military aggression 
on  the  supply  chain  of  fishery  and  aquaculture  products.  That  simplified  procedure 
should  cover  all  the  amendments  necessary  for  the  full  implementation  of  the 
measures  concerned,  including  their  introduction,  the  reallocation  of  financial 
resources  from  other  measures,  and  the  description  of  the  methods  for  calculating 
support.  

For the sake of legal clarity as regards the implementation of the new measures, it is 
necessary to correct a technical mistake in Regulation (EU) No 508/2014 by replacing 
“income  foregone”  by  “income  forgone”.  Article  96  of  that  Regulation  is  being 
corrected accordingly.  

Given  the  urgency  of  the  support  needed,  this  Regulation  should  enter  into  force  on 
the  day  following  that  of  its  publication.  Given  the  unexpected  character  of  the 
military  aggression  of  Russia  against  Ukraine  and  its  serious  impact  on  fishing 
activities and on the economic sectors and supply chains concerned, the eligibility of 
the costs should be retroactive as of 24 February 2022. 

In view of urgency caused by the military aggression of Russia against Ukraine and its 
social  and  economic  impact  in  the  fishery  and  aquaculture  sector,  it  was  considered 
appropriate to provide for an exception to the eight‐week period referred to in Article 
4 of Protocol No 1 on the role of national Parliaments in the European Union, annexed 
to the TEU, to the Treaty on the Functioning of the European Union and to the Treaty 
establishing the European Atomic Energy Community. 

(10)  Regulation (EU) No 508/2014 should therefore be amended and corrected accordingly, 

HAVE ADOPTED THIS REGULATION: 

Article 1 
Amendments to Regulation (EU) No 508/2014 

Regulation (EU) No 508/2014 is amended as follows: 

1. In Article 13, the following paragraph 7 is added: 

“7. The budgetary  resources referred to  in  paragraphs 2 and  3 may be  reallocated to  the 
support  referred  to  in  point  (d)  of  Article  33(1),  in  Article  44(4a),  in  Article  67  and  in 
Article  68(3)  to  alleviate  the  consequences  of  the  military  aggression  of  Russia  against 
Ukraine on fishing activities and to mitigate the effects of the market disruption caused by 
that military aggression on the supply chain of fishery and aquaculture products.” 

2. In Article 22(2), point (e) is replaced by the following: 

“(e)  amendments  to  operational  programmes  concerning  the  support  referred  to  in  point 
(d) of Article 33(1), Article 35, Article 44(4a), point (b) of Article 55(1), Articles 57, 66 
and 67, Article 68(3)  and Article 69(3), including the  reallocation of financial resources 
thereto  to  address  the  consequences  of  the  COVID‐19  outbreak  or  to  alleviate  the 

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consequences  of  the  military  aggression  of  Russia  against  Ukraine  on  fishing  activities 
and to mitigate the effects of the market disruption caused by that military aggression on 
the supply chain of fishery and aquaculture products.” 

3. In Article 33(1), point (d) is replaced by the following: 

“(d) where the temporary cessation of fishing activities occurs between 1 February and 31 
December  2020  as  a  consequence  of  the  COVID‐19  outbreak,  including  for  vessels 
operating under a Sustainable fisheries partnership agreement, or occurs as of 24 February 
2022  as  a  consequence  of  the  military  aggression  of  Russia  against  Ukraine  that 
jeopardises the security of fishing activities. ” 

4. In Article 33(1), the second subparagraph of point (d) is replaced by the following: 

“In  accordance  with  the  second  subparagraph  of  Article  65(9)  of  Regulation  (EU)  No 
1303/2013 and by way of derogation from the first subparagraph thereof, expenditure for 
operations  supported under point (d) of the first subparagraph of this paragraph shall be 
eligible as of 1 February 2020 if they are the consequence of the COVID-19 outbreak, or 
as of 24 February 2022 if they  are the consequence of the military aggression of Russia 
against Ukraine that jeopardises the security of fishing activities.” 

5. In Article 33, paragraph 2 is replaced by the following: 

“2. The support referred to in points (a), (b) and (c) of the first subparagraph of paragraph 
1 may be granted for a maximum duration of six months per vessel during the eligibility 
period  referred  to  in  Article  65(2)  of  Regulation  (EU)  No  1303/2013.  That  maximum 
duration shall not apply to the support referred to in point (d) of that subparagraph.” 

6. In Article 44, paragraph 4a is replaced by the following: 

“4a. The EMFF may support measures for temporary cessation of fishing activities caused 
by the COVID‐19 outbreak or by  the military  aggression of  Russia against  Ukraine that 
jeopardises the security of fishing activities, as provided for in point (d) of Article 33(1), 
under the conditions laid down in Article 33.” 

7. In Article 67, the introductory wording of the first subparagraph of paragraph 1 is replaced 

by the following: 

“1. Where needed to respond to the COVID‐19 outbreak or to mitigate the effects of the 
market  disruption  caused  by  the  military  aggression  of  Russia  against  Ukraine  on  the 
supply chain of fishery and aquaculture products, the EMFF may support compensation to 
recognised producer organisations and associations of producer organisations which store 
fishery  or  aquaculture  products  listed  in  Annex  II  to  Regulation  (EU)  No  1379/2013  or 
products falling within CN code 0302 as listed in point (a) of Annex I to that Regulation, 
provided  that  those  products  are  stored  in  accordance  with  Articles  30  and  31  of  that 
Regulation, and subject to the following conditions:”  

8. In Article 67, paragraph 2 is replaced by the following: 

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“2.  The  support  referred  to  in  paragraph  1  shall  end  on  31  December  2020,  except  if  it 
mitigates the effects of the market disruption caused by the military aggression of Russia 
against Ukraine on the supply chain of fishery and aquaculture products. 

In  accordance  with  the  second  subparagraph  of  Article  65(9)  of  Regulation  (EU)  No 
1303/2013 and by way of derogation from the first subparagraph thereof, expenditure for 
operations supported under this Article shall be eligible as of 1 February 2020 to respond 
to  the  COVID‐19  outbreak,  and  as  of  24  February  2022  to  mitigate  the  effects  of  the 
market  disruption  caused  by  the  military  aggression  of  Russia  against  Ukraine  on  the 
supply chain of fishery and aquaculture products.”  

9. In Article 68, the following paragraph 3 is added: 

“3.  The  EMFF  may  support  a  financial  compensation  to  operators  of  the  fishery  and 
aquaculture sector for their income forgone, and for additional costs they incurred due to 
the market disruption caused by the military aggression of Russia against Ukraine and its 
effects on the supply chain of fishery and aquaculture products. 

In  accordance  with  the  second  subparagraph  of  Article  65(9)  of  Regulation  (EU)  No 
1303/2013,  expenditure  for  operations  supported  under  the  first  subparagraph  shall  be 
eligible as of 24 February 2022. 

The compensation referred to in the first subparagraph  shall be calculated in accordance 
with Article 96.” 

10. In Article 95, paragraph 2, point (e) is replaced by the following: 

“(e) the operation is  related to  support under Article 33 or 34 or to  compensation under 
Article 54, Article 55, Article 56, Article 68(3) or Article 69(3);” 

Article 2 
Correction to Regulation (EU) No 508/2014 

Article 96 of Regulation (EU) No 508/2014 is replaced by the following: 

“Article 96 
Calculation of additional costs or income forgone 

Where aid is granted on the basis of additional costs or income forgone, Member States shall 
ensure that the relevant calculations are adequate, accurate and established in advance on the 
basis of a fair, equitable and verifiable calculation.” 

This  Regulation  shall  enter  into  force  on  the  day  following  that  of  its  publication  in  the 
Official Journal of the European Union. 

Article 3 

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This Regulation shall be binding in its entirety and directly applicable in all Member States. 

Done at Brussels, 

For the European Parliament 
The President 

For the Council 
The President 

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