Date :3 December 2020

Allocation of €8 billion packages to support the food industry in the EU

The European Union (EU) has set up an € 8 billion package to protect EU food producers from damage caused by the COVID-19 pandemic.

Some experts believe that in 2021 another support package worth more than 2.5 billion € will be allocated in this regard.

With this account, more than 10 billion € in this union will be given to the producers of this sector from 2021 to 2022.

Officials at the union have acknowledged that the funding should be used in areas such as infrastructure in the digitalization sector, and the budget could not be used for routine business operations.

According to experts published by the union, more than 35% of this budget is allocated to organic agriculture, and more than 50% of this budget will be allocated to youth investments.

Estimates suggest that part of the support package should have been provided by 2023, but due to the need to support the union’s producers, the EU’s economic managers have agreed to pay for it next year.

 

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