Billion euro boost for rural Ireland as farmers receive EU payments from today
Payments to begin to over 100,000 farmers from today
Farmers are set to receive over €1bn in EU subsidies from today, as the first payments under the Basic Payment Scheme are made.
This week’s payments are an advance payment of the Basic Payment Scheme and will go to over 100,000 farmers.
The Minister for Agriculture, Food and the Marine Michael Creed said his Department had prioritised the processing of payments under the Basic Payment Scheme, where it will be paying out 70% advance payment today.
“This early payment in conjunction with the Areas of Natural Constraint Scheme, GLAS and AEOS payments collectively are worth over €1.5 billion annually to farmers,” he said.
What is the Basic Payment Scheme?
The Basic Payment Scheme (BPS), introduced in 2015, as part of the Common Agricultural Policy (CAP) replaces the Single Payment System (SPS) and this year a 70% advance will be paid to farmers this month, with the balance expected to be paid to most farmers in December.
The Basic Payment is worth over €714m to farmers in Ireland. The payments also have a huge knock-on-boost for rural Ireland with studies showing that farmers spend the majority of there income within 35km of the farm.