The fund aims to encourage more sustainable fishing and greater diversification, and boost the competitiveness of the Scottish industry.
It will be introduced from 2007 as a successor to the current Financial Instrument for Fisheries Guidance (FIFG).
Launching a consultation this week, Scottish fisheries minister Ross Finnie said: “The new fund seeks to strike a balance between securing a viable future
for the fishing industry and protecting the marine environment and the important fish stocks it supports. Over the years the availability of European funding through FIFG has proved a valuable source of grant aid for our fisheries and aquaculture businesses.”
Stakeholder views will help the executive to shape the terms of the fund to maximise future benefits for Scotland’s fisheries.