The European Parliament voted 502-137 in favour of imposing sustainables quotas by 2015 and the end of the wasteful practice of discarding unwated fish at sea. The legislation also returns some management responsibility to EU member states.

Under the current fisheries policy of the EU, 63% of the EU's Atlantic stocks and 82 percent of its Mediterranean stocks are overfished, according to the European Commission.

Iceland had problems with overfishing before they implemented the quota system in 1983-1984. There has not been much overfishing since then and the quota system has many benefits. The Norwegian fishing quota system is also considered to be a success.

Many have said, for example the president of Iceland, that the EU has to change it's fisheries policy before Iceland and Norway will ever join the union. 

The Ministry of Finance and Economic affairs in Iceland recently reported on their website that it has handed in a Pre-Accession Economic Programme to the EU Commission. The report is a part of Iceland‘s accession process and sets out Iceland‘s main economic priorities in four main chapters.

After the parliamentary elections in Iceland next April, the negotiations with the EU will hopefully continue and then the final contract will be put for a referendum. The Icelandic nation seems to be split in half on this matter but since the EU changed it's fisheries policy it might be that more Icelanders see it fit to join the union.

Source: nytimes.com

http://www.nytimes.com/2013/02/07/business/global/europe-adopts-sweeping-changes-to-fishing-policy.html