Page "History of the Faroe Islands" Paragraph 43

The measures largely worked.

Unemployment peaked in January 1994 at 26 %, since which it fell ( 10 % in mid-1996, 5 % in April 2000 ).

The fishing industry was not curtailed as much as was being considered, so it survived largely intact.

Fish stocks also rose, with the annual catch being 100, 000 in 1994, to 150, 000 in 1995.

In 1998 it was 375, 000.

Emigration also fell to 1 % in 1995, and there was a small population increase in 1996.

Oil has been discovered nearby as well.

By the early 21st century, weakness in the Faroese economy had been eliminated and, accordingly, many minds turned once again to the possibility of independence from Denmark.

However, a planned referendum on a roadmap towards independence in 2001 was called off following Danish Prime Minister Poul Nyrup Rasmussen saying that Danish money grants would be phased out within four years if there was a ' yes ' vote.