The "Cod Wars" were to do with Iceland's unilateral extension of its claims to the grounds on its surrounding continental shelf. The chance of a negotiated settlement to allow continued British fishing presence in those waters was thrown away by the arrogance and stupidity of the supposed diplomats involved.

The quota system which gave rise to this song and the effects it describes came much later, when overfishing by British and other fleets had virtually destroyed stocks in British waters.

Ross