Agricultural Bonus: Limited Time Left to Access Funds
Accessing Agricultural Funds in 2024: A Race Against Time
With just a few weeks left to access the funds made available through agricultural bonuses, farmers are urged to act quickly to secure their share.
These contributions and incentives are part of the Common Agricultural Policy (CAP), an agreement between Europe and farmers dating back to 1962.
The main goal of this policy is to support agricultural productivity while ensuring affordable food prices.
The CAP plays a crucial role in protecting farmers, who are key players in the primary sector in Europe, ensuring they maintain a dignified standard of living, especially in the face of climate change.
Moreover, it aims to sustain rural economies, promote employment in the agricultural sector, as well as in agri-food industries and related sectors.
The Evolution of the CAP
Over the years, the CAP has evolved to adapt to citizens’ changing needs.
The 2023/2027 CAP, which came into effect on January 1st last year, provides support to EU farmers through approved strategic plans that also contribute to the European Green Deal.
The deadline to apply for the funds available in 2024 is fast approaching, underscoring the importance for farmers to swiftly apply for the bonus.
The Crucial Role of Agriculture
Agriculture represents the primary sector, essential for food production.
Despite its significance, farmers often struggle to secure a decent income.
On average, agricultural income is 40% lower than non-agricultural income.
Moreover, the sector is heavily dependent on climate and weather conditions, making crop outcomes unpredictable.
Responding to consumer demands takes time, as increasing the production of a particular food item is not always as immediate as one might assume.
The CAP steps in by providing income support through direct payments and implementing market measures to address fluctuations in demand or prices.
Important Dates for CAP Applications
The final deadline for submitting applications for the new CAP was initially set for May 15th, but in 2024, it was extended to July 1st, allowing for late submissions (with reduced contributions) until 25 days past the original deadline.
Subsequently, another decree pushed the deadline to July 31st, with the possibility of submitting applications by August 26th, albeit with deductions.
To avoid inequalities among farmers due to delays, the deadline was further extended to August 30th for the main application and September 24th for revised submissions.
Any changes to applications sent by August 30th will be considered timely if received by September 24th.
Anticipated payments for the 2024 applications will commence from October 16th, with full payments starting on December 1st, as confirmed by Agea’s notice on July 27th.
