Canary Islands Agricultural Insurance Subsidy Initiative

Overview

The Canary Islands government has announced a new funding initiative to support local farmers and ranchers through subsidies for agricultural insurance. With a budget of €4.5 million, this program aims to help producers protect themselves against natural damages, such as those caused by weather variations and other environmental risks.

Eligible Participants

• Small and medium-sized agricultural and aquaculture companies operating within Canary Islands.

Subsidy Details

• Participants can receive subsidies covering up to 90% of premiums for specific insurance policies.
• Eligible insurances include:
  • Livestock destruction
  • Aquaculture
  • Tropical crop insurance
• Subsidy percentages vary:
  • 18% for marine aquaculture
  • Up to 60% for tropical crop producers organized in cooperatives

Regulatory Context

The initiative aligns with EU regulations to support rural resilience and ensures that public assistance is within EU-mandated limits, with caps on subsidy percentages.

Application Process

• Farmers can apply for these subsidies by subscribing to the insurance policies within the specified period.

Goals and Impact

• This measure reflects ongoing efforts to bolster the region's agricultural sector, which faces challenges from climate fluctuations and market pressures.
• By reducing the financial burden of insurance, the government hopes to promote sustainable farming practices and safeguard local food production, directly benefiting residents and the island’s economy.