19 Jun 2024 12:18

Losses incurred by Ukrainian agriculture since crisis beginning top $10 bln - ministry

MOSCOW. June 19 (Interfax) - Direct losses incurred by Ukrainian agriculture over two years of the crisis have topped $10 billion, acting Ukrainian Agrarian Policy and Food Minister Taras Vysotsky said at the Forum for the Future of Agriculture, as reported by Ukrainian media.

"Ukrainian agrarians have incurred considerable losses, which range from destruction of agricultural machinery with the total value of $5.8 billion to the loss and destruction of animal farms with the total value of over $250 million. Global food prices grew approximately 35% in 2022. The situation did not stabilize until new export routes were created. So, the Ukrainian agrarian sector needs support to recover," the ministry press service quoted Vysotsky as saying.

He noted the need for long-term projects supporting the Ukrainian agrarian sector, including the financial support provided through the EU Ukraine Facility.

Vysotsky described an enlarged output of added-value products as a contribution to the energy security of Ukraine and the European Union. Ukraine has the potential to produce enough bioethanol and biomethane from various types of agricultural waste, he said.

Additionally, he noted the need for preferential insurance programs for farmers.