Fishing for Cash

We know that the waters around Europe are overfished. The European Environmental Agency has this to say:

Overfishing in Europe's waters and the deep ocean has proved hard to tackle. Some fish stocks that have high reproductive rates, in conjunction with reduced fishing pressure, have successfully recovered from past overfishing. Most notable are the herring around Iceland and Norway and in the North Sea.

Fish stocks are declining or well below what they should be. So what should we do about it? (Note that non EU members, Iceland & Norway are shown as successes) Why not subsidise even more fishing?

An alliance of European Union Mediterranean and Baltic states will mount a massive assault on the reformed Common Fisheries Policy today by voting to reintroduce subsidies for fishing vessels amid strong opposition from conservationists.

Not only do they want to completely denude the sea of life, they want us to pay for it. Repatriation of fishing rights anyone?