France Provides KRW 1.5 Trillion in Aid for Farmers Affected by Heatwaves and Droughts

France is injecting trillions of won in aid to support farmers affected by heatwaves and droughts.

On the 4th local time, the French government announced a support package for farmers valued at 1 billion euros, equivalent to approximately KRW 1.565 trillion.

About half of this amount, or 520 million euros (KRW 813 billion), will be paid directly in the form of emergency subsidies.

The support package also includes plans to create a recovery fund worth 235 million euros (approx. KRW 367.4 billion) to help drought-stricken farmers purchase seeds, saplings, and livestock feed.

In addition, measures such as property tax reductions, support for paying social security contributions, and fuel subsidies have been arranged.

Annie Genevard, France's Minister of Agriculture and Food, said, "Our immediate goal is to respond to the emergency situation," adding, "Considering the current budget situation, 1 billion euros represents a massive effort."

In France, the largest agricultural producer in the European Union (EU), an estimated 30,000 to 35,000 farms are reportedly facing financial difficulties in the wake of successive heatwaves and droughts.

FNSEA, France's largest farmers' union, stated that farmers have already suffered production losses of at least 10 billion euros (approx. KRW 15.6 trillion).

Losses in both the livestock and crop farming sectors are estimated to have exceeded 5 billion euros (approx. KRW 7.8 trillion) each.

The French Ministry of Economy and Finance stated that this summer's agricultural revenue decline due to heatwaves could lower this year's economic growth rate by 0.1 percentage points.
※ Please note: This article was translated by AI and may contain errors.