€4bn in funding to be unveiled tomorrow will support viable farm incomes

€4 billion in multi-annual funding will be announced tomorrow to support farmers and the agricultural sector.

The tranche of cash will come under the Pillar 2 supports of the Common Agricultural Policy (CAP).

It will be co-funded over several years by the European Commission and the Department of Public Expenditure.

The money goes to non-core agricultural support spending, such as schemes like the Rural Environmental Protection Scheme (Reps), the Green Low-Carbon Agri-Environment Scheme (GLAS) and others.

The Irish Independent has learned that the overall funding is €4 billion, a figure substantially higher than hitherto imagined.

A detailed memo on the matter was approved by Cabinet this week.

Ireland’s CAP Strategic Plan (CSP) for the period 2023-2027 will underpin the sustainable development of Ireland’s farming and food sector.

It will support viable farm incomes and enhance competitiveness, by strengthening the socio-economic fabric of rural areas.

The massive investment is aimed at the achievement of environmental and climate objectives at national and EU levels.