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Countries worst affected by Brexit-related currency changes have been invited to apply for EU state aid to help the agricultural sector, by European Commissioner for Agriculture Phil Hogan.
Ireland’s mushroom and beef sectors have already been hit by the currency fluctuations as a result of Brexit.
Last week, the euro broke through the 93p barrier for the first time since 2009. A close sterling-euro rate directly affects the competitiveness of Irish food exports.
Losses of €2m per week
Based on sterling weakness and the volume of cattle exports to the UK, Irish beef farmers are losing close to €2m per week, according to IFA president Joe Healy.
The cattle price cuts are inflicting severe financial damage on the low-income livestock sector and eroding confidence in the trade.
Healy said the severe impact of the Brexit sterling exchange rate crisis on the incomes of beef farmers and mushroom growers can no longer be brushed aside and he called on Minister Creed to mount an urgent and decisive Government action plan at national and EU level.
IFA has said: “Since April, the UK beef market is up 7%. As our most important market, this should be good news. The problem is that sterling is down 8% in the same time period. When the UK election was called, sterling was at 85p:€1.
"It had been at, or close to that level, in previous months. [This week, it is at 91p:€1]. The impact on the price of beef is about 15c/kg.”
IFA has demanded that the CAP crisis reserve fund and market support measures be used to provide direct support to farmers in response to the Brexit exchange rate crisis.
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