EU Extends Subsidy Allowances Until End of 2024 to Aid Farmers
Source: The DairyNews
The European Union has announced an extension of subsidy allowances until the end of 2024, providing crucial support to the region's agricultural sector amidst protests from farmers demanding better pay and working conditions.
Reuters reports that the decision comes in response to mounting concerns among farmers regarding increased regulation and competition from foreign imports, particularly from Ukraine.
The extension of the 'Temporary Crisis and Transition Framework' (TCTF), which also encompasses the fishing sector, grants member states greater flexibility to offer financial assistance until December 31. Initially introduced in March 2022 following Russia's invasion of Ukraine, the framework has undergone successive extensions and modifications.
Under the extended rules, EU members can now provide up to 280,000 euros ($299,040) per agricultural firm affected by market disturbances, including sanctions, and up to 335,000 euros in the fisheries sector. Margrethe Vestager, EU antitrust chief, emphasized the Commission's swift response to provide essential support to a sector still grappling with challenges stemming from market disruptions caused by Russia's war in Ukraine.
Moreover, the Commission has announced plans to review the maximum support level, allowing states to offer financial assistance without prior approval from the Commission. Several EU members have advocated for raising this threshold from the current 20,000 euros to 50,000 euros, highlighting the need for flexibility and expedited support measures during these challenging times.
The extension of the 'Temporary Crisis and Transition Framework' (TCTF), which also encompasses the fishing sector, grants member states greater flexibility to offer financial assistance until December 31. Initially introduced in March 2022 following Russia's invasion of Ukraine, the framework has undergone successive extensions and modifications.
Under the extended rules, EU members can now provide up to 280,000 euros ($299,040) per agricultural firm affected by market disturbances, including sanctions, and up to 335,000 euros in the fisheries sector. Margrethe Vestager, EU antitrust chief, emphasized the Commission's swift response to provide essential support to a sector still grappling with challenges stemming from market disruptions caused by Russia's war in Ukraine.
Moreover, the Commission has announced plans to review the maximum support level, allowing states to offer financial assistance without prior approval from the Commission. Several EU members have advocated for raising this threshold from the current 20,000 euros to 50,000 euros, highlighting the need for flexibility and expedited support measures during these challenging times.
