Cod Wars cut the nets of "Carlisle", and "Falmouth" rammed it again. "Týr" was heavily damaged and found herself propelled by only a single screw and pursued by the tug-boat "Statesman". In the dire situation, Captain Guðmundur Kjærnested gave orders to man the guns, in spite of the overwhelming superiority of firepower HMS "Falmouth" enjoyed, to deter any further ramming. The Third Cod War saw 55 ramming incidents altogether. In NATO-mediated sessions, an agreement was reached between Iceland and the UK on 1 June 1976. The British were allowed to keep 24 trawlers within the 200 nmi and fish a total of
Collapse of the Atlantic northwest cod fishery that extended to 200 mi offshore. The government wanted to reverse declining fish stocks by removing foreign fishing within the new inshore fishery boundaries. With the absence of foreign fishing many Canadian and U.S fishing trawlers took their place and the number of cod kept diminishing past a point of recovery. Many local fishermen noticed the drastic decrease of cod and tried to inform local government officials. In 1986, scientists did a review of calculations and data after which they determined, in order to conserve cod fishing the total allowable catch rate had to be cut in half. However, even