IFA warn of €35 million hole in local economy due to Cap reform

Wexford IFA say unless the CAP process is fixed, €35 million could be lost to the local economy.

The farming group are worried that the proposed 75% convergence rate would see Wexford farmers miss out on €5 million a year in compensation.

Convergence is the established process to redistribute and flatten the value of CAP payment entitlements.

Minister for Agriculture, Charlie McConalogue, says difficult discussions lie ahead in the ongoing effort to reach agreement on the future of the Common Agriculture Policy.

Anna Kehoe of Wexford IFA says the current system would be disastrous to this area.

“As it stands, 75% convergence is the best rate we can possibly hope for. That would take €35 million out of the local economy over 7 years.

“If it’s a full 100% convergence, that becomes €6.2 million a year for 7 years.”

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