EU raises agricultural subsidies to end of 2024 to help farmers

After farmers’ demonstrations demanding better wages and working conditions, the European Union decided to prolong subsidy allowances for an additional six months till the end of 2024 in order to strengthen the agricultural sector in the region.

Farmers throughout Europe have protested against the EU’s green agenda and the increased regulations it has imposed, claiming that this has increased costs and unfairly benefited foreign imports, especially those from Ukraine.

The European Commission announced on Thursday that member states now have more flexibility to provide financial support through December 31 as a result of its decision to extend the “Temporary Crisis and Transition Framework” (TCTF), which includes covers the fishing industry.

Following Russia’s invasion of Ukraine in March 2022, the more lenient regulations aimed at supporting farmers and fishermen were first implemented. Since then, they have been expanded upon and adjusted.

EU nations will have the capacity to give agricultural businesses impacted by market disruption, including fines, up to 280,000 euros ($299,040) per firm, and up to 335,000 euros in the fisheries industry.

EU antitrust chief Margrethe Vestager said that the Commission was moving swiftly to give the required assistance to an industry that was still having difficulties as a result of disruptions in the market brought on by Russia’s war in Ukraine.

The Commission declared that it would also examine the highest level of support for which governments are exempt from requesting permission from the Commission. Many EU nations have demanded that this be increased from the current 20,000 euros to 50,000 euros. (Reuters)

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