It's five in the morning off the coast of Njardvik, a seaside town in Iceland's southeast. And the start of another day at sea for the crew on board the fishing boat Maron.

The fishing industry still has wind in its sails, despite the collapse of the country's banking sector. Iceland's traditional forte may even see a reawakening in a line of work still passed down from father to son.

"I chose this profession because it gives good money, and it's just a great job," explains fisherman Rurik Hreinsson. Fishing accounts for two-thirds of Iceland's exports, and plays a key role renewing its foreign currency reserves. That counts for a lot, ever since the Icelandic Krona crashed, causing it to be shunned by overseas banks.
 

"The Krona being low, and the Euro being strong," says Ellert Olgeirsson. "That's a good thing for fisherman, but overall it's of course not a good thing for the Icelanders."

The country's financial crisis has reopened the debate on Iceland joining the European Union. Some, like the captain of this boat, say membership would be a good thing. The Union could change Iceland's current quota system, which seems to be geared unfairly towards the major fishing companies.

Birgir Sigurdsson, Captain of the "Maron": "Just a few big companies together own between 80 and 90 percent of the annual quota. Fishermen who don't own any quota must rent it off those companies at very high prices. This system is outdated."

But the fishing industry remains divided on this one. In the village of Grindavik, we visit a family-run fish-processing factory, Visir. Most of this produce is destined for foreign shores. Peter Palsson, Manager at Visir factory: "We're splitting fish for the south Europe. For Spain, Italy and Greece."

Peter Palsson is firmly against joining the European Union. He says Icelandic fisherman hold dearly to their independence. What's more, the sector gets no help from the government, and remains both sustainable and profitable: "It's starts on how you control the fish stocks and that is the basic. Healthy fish stocks, good control on the fish stocks. And system that makes that you can be able to make money."

Back at Njardvik, the Maron brings in a haul of cod, ray, sole and other fish… Nearly three tons in all. The current economic meltdown has sparked calls for bigger fishing quotas, to help hoist the country out of trouble. But that's unlikely, tight quota rules being key to the industry's ongoing strength and survival.