Meta‐analysis of marine biological resources can elucidate general trends and patterns to inform scientists and improve management. Crustacean stocks are indispensable for European and global fisheries; however, studies of their aggregate development have been rare and confined to smaller spatial and temporal scales compared to fish stocks. Here, we study the aggregate development of 63 NE Atlantic and Mediterranean crustacean stocks of six species (Nephrops norvegicus, Pandalus borealis, Parapenaeus longirostris, Aristeus antennatus, Aristaeomorpha foliacea and Squilla mantis) in 1990–2013 using biomass index data from official stock assessments. We implemented a dynamic factor analysis (DFA) to identify common underlying trends in biomass indices and investigate the correlation with the North Atlantic Oscillation (NAO) index. The analysis revealed increasing and decreasing trends in the northern and southern NE Atlantic, respectively, and stable or slowly increasing trends in the Mediterranean, which were not related to NAO. A separate meta‐analysis of the fishing mortality (F) and biomass (B) of 39 analytically assessed crustacean stocks was also carried out to explore their development relative to MSY. NE Atlantic crustacean stocks have been exploited on average close to FMSY and remained well above BMSY in 1995–2013, while Mediterranean stocks have been exploited 2–4 times above FMSY in 2002–2012. Aggregate trends of European crustacean stocks are somewhat opposite to trends of fish stocks, suggesting possible cascading effects. This study highlights the two‐speed fisheries management performance in the northern and southern European seas, despite most stocks being managed in the context of the European Union's Common Fisheries Policy.