Ministers say the fund will help to modernise fishing fleets, the fish processing industry, and rejuvenate a historic and proud industry in the UK.
The introduction of new checks and paperwork since the end of the Brexit transition period on December 31 has also caused disruption to exports of fresh fish and seafood to the EU to the frustration and anger of producers.
The Environment Secretary said they were having conversations with EU member states including French ministers.
Branding the ban “petty” and "indefensible", Mr Eustice added: “We'll work with the European Commission to see if we can get this trade unblocked and moving again.