Cod Wars and institutions are supposed to pacify interstate behavior. The Cod Wars are also held up as an example of the decreasing salience of hard power in international relations, with implications for realist theory which emphasizes the importance of hard power. Theorists on asymmetric bargaining have emphasized how Iceland, lacking structural power, can still have an issue power advantage, with its greater commitment to the cause. A 2017 study argues that the occurrence of the Cod Wars is inconsistent with liberal international relations theory, including the democratic peace thesis, as the "supposedly pacifying factors of the liberal peace – democracy, trade
Cod Wars would generally protect the British trawling fleet. Over the course of this Cod War, a total of 32 British frigates had entered the contested waters. On 19 July 1974, more than nine months after the signing of the agreement, one of the largest wet fish stern trawlers in the British fleet, "C.S. Forester", which had been fishing inside the limit, was shelled and captured by the Icelandic gunboat V/s "Þór" after a pursuit. "C. S. Forester" was shelled with non-explosive ammunition after repeated warnings. The trawler was hit by at least two rounds, which damaged the engine room and a