Taoiseach Bertie Ahern has committed the Government to a €600 million investment strategy for the marine sector as part of the National Development Plan.
The six-year strategy, which has been billed as the first and largest of its type in the State's history, aims to ensure that the industry generates over €1 billion for the economy.
It will be implemented by a high-level group chaired by former Irish Dairy Board chief executive Dr Noel Cawley.
Dr Cawley is one of the three authors of the report, which was commissioned last year after the row over the Sea Fisheries and Maritime Jurisdiction Bill but had been promised in the 2002 Fianna Fáil/Progressive Democrats programme for government.
Significant additional restructuring of the fleet, devolution of fisheries management, aquaculture development and promotion of a "seafood island" marketing identity are among its main recommendations of the 195-page document.
In a veiled criticism of Government policy, it notes the negative impact of an under-resourced Department of Marine (within Communications and Natural Resources), and calls for more co-ordination between State agencies supporting the industry.
It refers to a deterioration in relationships between Government and industry, and calls on key stakeholders to work "in concert and in a mutually respectful manner" - a point accepted by Mr Dempsey at yesterday's presentation, when he emphasised that fish stocks were dwindling to "dangerously low" levels.
The "untapped potential" of aquaculture was highlighted by Minister of State for Marine John Browne, who noted that farmed fish now supplied over half of the world supply of seafood. The report says that Bord Iascaigh Mhara and Údarás na Gaeltachta should implement an aquaculture development programme worth €212 million.
State allocation of €334 million for the strategy represents an additional €188 million on that committed to in the original National Development Plan (NDP), Mr Dempsey said. This will be balanced by €263 million in private investment, he said. This was "testament to the Government's commitment to steering a new course", and an efficient, market-driven industry would attract private investment and create employment.
However, restoration of a full marine department (as promised by Fine Gael) was a "matter for another day", the Taoiseach said, emphasising the sector was well-represented at Cabinet.
Marine industry representatives who had been consulted by the three-man group last year gave a cautious welcome to the strategy.
Lorcan Ó Cinnéide, chair of the new Federation of Irish Fishermen, said the report's publication followed a period of "growing despair, anger and deep disillusionment" within the industry over the attitude of the Government and the EU towards it. The federation was committed to playing a "central and positive role" in the strategy's implementation, he said.
The Irish Farmers' Association's constituent bodies in fish and shellfish farming welcomed endorsement of their proposals, and the commitment to a significant increase in investment aid.
Frank Doyle of the Irish Fishermen's Organisation said control of both Irish and non-Irish vessels was crucial to any fish stocks management policy and questioned how over-capacity in the pelagic (mackerel/herring) fleet would be tackled.
All participants at yesterday's presentation expressed their sympathy at the loss of seven fishermen off the southeast coast earlier this month.