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ECONOMY

Costas Kadis: Cyprus' Agriculture Sector Enters a New Era After the Approval of the New Insurance System

Costas Kadis: Cyprus' Agriculture Sector Enters a New Era After the Approval of the New Insurance System

Τhe agricultural sector of Cyprus enters a new era, Agriculture Minister Costas Kadis told the Press in Brussels, referring to the agricultural insurance reform approved by the parliament, the Cyprus News Agency reports.

"This is one of the most important reforms, a reform discussed for many years that aims to correct distortions of the existing system," the Minister said in the margins of the Agriculture and Fisheries Council.

The Minister stressed that through this reform, the Ministry aims to ensure the stability of agricultural income, which is adversely affected by natural disasters from extreme weather conditions and by the effects of climate change.

"The new system," said the Minister, "unlike the current one, is universal - it covers all the farmers, all risks and natural disasters and not only some of them". "It is also fairer as the contribution of farmers is calculated based on the risk of their crops," the Minister said.

"It is, after all, less bureaucratic and more effective," he added.

"If we want to see how the new system works," he said, "it will essentially be based on a special protection and insurance fund that will provide compensation for managing the risks of natural disasters and adverse conditions - a fund that will be partially funded by farmers and partly from the state, "he said.

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