News Local Cabinet approves fund for protection, insurance of agricultural produce

Cabinet approves fund for protection, insurance of agricultural produce

The creation of a fund for the protection and insurance of agricultural produce was approved on Wednesday by the Council of Ministers
Speaking after the cabinet meeting.

Minister of Agriculture Kostas Kadis said that the fund is part of the agricultural insurance reform that has been under discussion for many years and finally comes into implementation with the approval of the relevant bills by the Council of Ministers and taking them before the House of Representatives.

He said the reform creates a fund for protection and insurance of agricultural produce to which both farmers and the state will contribute. “All crops are covered by all dangers”, he said and explained that the contribution of farmers would be proportional to the risk, that is, measuring the risk to crops by a natural disaster.

The Minister said that the farmers` contribution will range from EUR 1.9 to EUR 32 per decare, depending on the crop, and for sheep and goats, which are also covered, 0.80 cents per sheep and goat.

He also said that in the following days, the remaining 50% of the compensation for the destruction of crops affected during the summer and autumn will be paid to the farmers, reaching the sum of 5, 5 million euros.

“With these decisions, the government shows that it stands by the Cypriot farmer”, he added.

(Cyprus News Agency)

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