I live in the US for now but having grown up in Europe I understand the situation there better. Nationalistic arguments resting on protecting 'traditional' livelihoods and preserving centuries old fishing villages have been used to continue subsidizing an industry with much larger collective fishing fleet than is possibly justifiable. Of course nowhere in this "tradition" argument is it ever acknowledged that traditionally we used vastly less sophisticated machinery and mechanisms so catches per fisherman were obviously dramatically lower - and we were STILL depleting stocks.
This is no different to any of our resource extraction industries sadly. Give rights to extract resource. Rights holders make tons of money. Use money to pervert political process and buy protection against breaches of law and regulation. Deplete resource. Move on.