Nature hits the EU. Farmers lose EUR 28 billion a year through extreme weather phenomena

Farmers in the EU lose an average of EUR 28.3 billion a year due to extreme weather phenomena related to climate change – reported on Tuesday, the European Commission and European Investment Bank (EBI), published on Tuesday, prepared by the insurance broker Howden.

The authors of the document emphasized that the losses include 6 percent. annual agricultural and breeding production in EU countries. Most of the lost production are not insured. Only from 20 to 30 percent It was covered by a public or private insurer.

“We have to do something to cover the remaining losses,” the EU Commissioner for Agriculture Christophe Hansen appealed. He called on countries to use EU subsidies for agriculture in order to solve problems related to drought and extreme rainfall.

At the same time, agriculture itself has a huge impact on the environment, including by emission of methane and soil pollution with fertilizers.

The Reuters agency reminded that the European Commission has announced plans to alleviate some environmental conditions regarding agricultural subsidies in the EU last week, and proposed regulations aimed at accelerating emergency financing for farmers affected by natural disasters.

The report reads that if significant actions are not taken to counteract climate change, the average loss in farmers' crops will increase by up to 66 percent. until 2050

Due to the fact that southern Europe is particularly affected by droughts occurring there, it is expected that annual losses in Spain and Italy in 2050 may amount to EUR 20 billion.

EIB announced that he is planning to support farmers that will include financing investments such as irrigation and granting loans and guarantees. According to the Reuters agency last week, EBI also plans to increase expenditure on water projects that can benefit farmers. (PAP)

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