France has announced the allocation of more than €1 billion to support the agricultural sector, which has been severely affected by heatwaves and drought during the summer.
French Agriculture Minister Annie Genevard said at a press conference today: “This funding aims to support farm liquidity, prevent bankruptcies and restart production,” noting the allocation of €1 billion in “new financing” as part of a “very significant effort.”
She added that the cost of the National Solidarity Compensation Mechanism (ISN) is estimated at around €520 million, pledging to accelerate the disbursement of payments and compensation.
Under the government plan, these funds will be channeled mainly through the ISN to compensate for crop losses caused by exceptional weather conditions, as well as to cover non-insurable losses and provide tax exemptions for the most affected farms.
The plan also includes setting up a fund to support the continuity of agricultural activity, bolstering social contribution relief, and accelerating the disbursement of Common Agricultural Policy aid, providing around €420 million in liquidity for farms, in addition to extending assistance for the purchase of fertilizers and agricultural diesel fuel.
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