Dairy farmers suffer huge slump
Published 22/04/2016 | 02:30
The much-touted removal of dairy quotas has left Europe awash with the white stuff.
But farmers have been left feeling the pain as milk supply surged 5pc last year, while demand lagged behind with just a 3pc increase. Dairy producers have suffered a milk price slump of almost 40pc since 2014.
The "wipe-out" has been described as worse than the last major trough in 2009, with the slump estimated to have wiped €1bn from the rural economy.
One of the largest processors, Glanbia, has slashed over 8pc off the March milk price to 24 cent per litre including VAT and bonuses, with Dairygold on 23 cent per litre including VAT. After a meeting with Glanbia, new Irish Farmers' Association president Joe Healy said farmers feel "they are being made to bear more" of the pain than they can take.