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Economy

6 Oct 2021

EU to Provide Compensation to Wine, Vegetable Sector

The Index Today

The European Union announced on Wednesday it will provide additional support to various sectors including wine, fruit and vegetables this year. Many agricultural sectors have suffered poor levels of harvest due to spring frosts, heat waves and even floods.

Janusz Wojciechowski, agriculture commissioner discussed how the sectors problems have added to the already problematic times of the pandemic. He further stated, “These much-needed support measures will relieve producers across the EU during these difficult times, on top of the ones already put forward in 2020 and extended in 2021.”

The EU has agreed to increase contribution to the wine sector by 80% form 70% and also provide financial support to cover costs of mutual funds. On the other hand, compensation towards the vegetable sector will increase to at least 85% in comparison to last year’s production levels. If production is seen to have declined at least 35% from last year’s levels due to various natural disasters, compensation will be provided.

Other support measures have also been put in place by the EU such as allocation of more funds for vineyard conversion. Such measures will be extended till the mid of October next year.

©Photo: finance.yahoo

Clay pottery with table linens