European Farmers Will be Paid to Reduce Milk Production
At a time when milk prices around the world suffer under the pressure of a global glut of milk, farmers in the European Union (EU) now have an incentive to reduce milk production. According the EU news agency Agriland, European Commissioner on Agriculture, Phil Hogan, announced the new voluntary milk reduction program earlier this week. Under the new €150 million ( $165 million US) program farmers have the opportunity to reduce their production and receive a payment from the government in return.
According to the story by Agriland, it is unclear at this time whether or not Irish farmers will be included in the program. They report payment price is not yet defined, but most believe it will be around € 14c/kg ($7/cwt US).
Read more about this program here.
Do you think this kind of program would work in the U.S.?