The European Commission has called for cutbacks of up to 80 per cent in fishing levels to prevent the total collapse of key fishing grounds.
Fisheries Commissioner Mr Franz Fischler said fishermen and politicians alike had a "moral duty" not to let stocks of cod disappear completely.
"We find ourselves in an extraordinary situation where there are so few cod left in certain areas that scientists feel unable to predict the effects of potential recovery measures.
"Stocks that not so long ago produced 200,000 tonnes of food from EU waters are now so depleted that we are in the dark as to what is going to happen to them," he said.
Mr Fischler today resisted the experts' advice to close cod fishing grounds altogether - but his alternative plan is almost as drastic.
If proposals on fleet reductions are implemented up to 2,000 Irish fishermen could lose their jobs.
The Minister for Communications, Marine and Natural Resources, Mr Dermot Ahern is trying to protect the restricted fishing area known as the Irish Box which Spain wants access to.
Mr Ahern is understood to be arguing for greater restrictions to preserve fish stocks in the area. And while most member states face huge cuts in quotas, Mr Ahern is seeking quota increases for some Irish fishermen.
The Minister believes that Irish fishing rights historically have been too low under the Common Fisheries Policy.
Following a meeting between the Minister and the Fisheries Commissioner Mr Franz Fischler to assess the chances of a broad agreement on the cutbacks, a spokesman for Mr Ahern said there was "a significant disparity" between the EC policy and what Ireland wants.
The spokesman said Ireland faces a very difficult battle to preserve the Irish Box and any decision taken is "likely to go down to the line".
Mr Fischler will meet today with each of the 15 EU fishing ministers separately.
Mr Fischler is clearly annoyed that, in his opinion, EU governments have let the situation reach crisis point by failing to implement a recovery plan for cod proposed a year ago.
Tomorrow's meeting of ministers will not produce final decisions. Fishermen must wait for crunch talks in December - predicted by the Commission to last five days - before knowing the fate of the industry.