Police authorities seized more than 2.6 tonnes of cocaine and arrested four people in a major international operation in the Atlantic Ocean, Italian officials said Monday.
Four people were arrested, two Spaniards, one Albanian man living in Italy and a Gibraltar resident.
The street value of the cargo is approximately €500 million euros, Italian police said.
"The wholesale value of the cocaine is estimated at approximately €78 million. Once delivered to their destination and diluted for retail distribution, the narcotics could have generated total revenues of around €500 million", a statement said.
Organised crime gangs were increasingly using so-called "go fast" boats, authorities noted. These are fast, rigid inflatable vessels that measure between 10 and 16 metres long, powered by multiple strong engines that can travel at more than 70 knots.
Using these vessels, organised crime groups can recover illicit cargoes dropped by sea by ships arriving from South America.
The speedboat was stopped off the coast of Lisbon by Portuguese authorities, conducted in cooperation with Spanish and Italian counterparts.
The interception took place on Thursday about 90 kilometers southwest of Cape Espichel, Portugese police said.
