Irish Farmers Journal/KPMG report finds potentially huge economic consequences and job losses in farming industry

A new report from the Irish Farmers Journal outlines the potential economic consequences of implementing a 25% emissions reduction, losing the nitrates derogation, and changes to the Common Agricultural Policy.

According to the KPMG report, these measures could cost the rural economy as much as €3 billion and result in the loss of up to 29,000 jobs.

Key findings from the report include potential losses of up to €1.4 billion in the farming and farm supply chain sectors, and up to €1.6 billion in the agri-food processing sector, with job losses estimated between 22,000 and 29,000.

Speaking on Morning Mix, Market Intelligence and EU Specialist for the Farmers Journal Phelim O’Neill said that the loss of the nitrates derogation in particular, would be detrimental for the sector, saying:

“When you combine all of these together and the individual building blocks, for example, if we lose our nitrates irrigation, that affects over 9,500 Irish dairy farmers. It affects the beef finishers that would supply up to a quarter of the cattle to the factories. The loss of production there essentially means that we will have fewer jobs in meat processing.”