European fisheries are at a critical juncture. The confluence of political change and environmental change, along with the challenges of past Common Fisheries Policy (CFP) reforms such as the landing obligation, creates a once in a generation opportunity for a paradigm shift in fisheries management in the region. This paper sets out a series of arguments for why the status quo situation for the governance of European Union fisheries, especially for shared Northeast Atlantic fisheries is very likely unsustainable under these new circumstances. At stake is confidence in, and support for the management of the regions shared fisheries, the economic viability of fisheries and sustainability of stocks. Brexit is an additional incentive to unlock the potential of existing, but little used mechanisms within the CFP to allow the reimagining of fisheries management and governance in the Northeast Atlantic. Three of these tools and mechanisms are (i) Quota swapping, (ii) Article 16 quota uplift provisions, (iii) and Article 15 flexibility mechanisms. These mechanisms can be adopted by individual Member States for fleets in their waters or in the case of quota swapping be applied across Member States and may help stabilize fisheries under these stressors.