Spanish farmers and stockbreeders who take out agricultural insurance, as of today, will benefit from a 10 percentage point increase in the state subsidy on the agricultural insurance premium.

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The average percentage of State subsidy on the total cost of the premium will rise to around 40 %, which, in the case of young farmers or stockbreeders, will rise to 65 % of the total cost of the premium.

The first insurance lines to benefit from this higher subsidy will be nuts, extensive arable crops, persimmon, wine grapes and fruit, among others.

The Ministry of Agriculture, Fisheries and Food has increased the budget earmarked for agricultural insurance by 60 million euros, which will be applied to all lines that begin to be contracted between 1 September 2022 and 31 August 2023.

Agricultural insurance is a key tool in agricultural policy, especially in the current context of climate change, as it protects producers’ income. The Minister of Agriculture, Fisheries and Food, Luis Planas, highlighted the key role of the Spanish agricultural insurance system as another tool that contributes to maintaining agricultural income and the viability of farms.

The budget increase for agricultural insurance is included in Royal Decree-Law 11/2022, approved by the extraordinary Council of Ministers on 25 June, which extends and approves new measures to support the agricultural sector in the current context of rising costs on farms.