1 September 1958: The first Cod War begins

On this day in 1958, Iceland extended its exclusive fishing zone to 12 miles, sparking the first “Cod War” with Britain.

In recent years, stand-offs between competing fishing fleets in the South China Sea have become a common occurrence. But in the 1950s and 1970s, British and Icelandic vessels routinely faced each other in the waters around Iceland in what came to be known as the Cod Wars.

The origins of the dispute stretch back into the 19th century, when advances in steam power extended the reach of fishing fleets. In 1944, Iceland gained independence from Denmark, and soon after pushed back its exclusive economic zone from three miles off its coast to four.

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Chris Carter
Wealth Editor, MoneyWeek