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Beef prices could fall by €1/kg to a catastrophic €2.50/kg should the UK crash out of the EU.
WTO tariffs of €780 for the typical 350kg carcase, if applied, would see the cost to the beef sector alone reach €700m in a single year.
Half of Ireland’s beef kill of 1.8m cattle is exported to the UK. The Irish and UK governments are escalating preparations for a crash out following the comprehensive rejection of prime minister Theresa May’s Brexit deal this week.
No acceptable compromise is emerging, with only 10 weeks left until the UK is scheduled to leave the EU, a situation described by IFA president Joe Healy as “Armageddon”.
Healy travelled to Brussels on Wednesday to meet European Commissioner for Agriculture Phil Hogan to push the IFA’s demand for €20/head to be paid to cattle sellers for every 5c/kg price drop.
Meanwhile, Minister for Agriculture Michael Creed stressed the readiness of the Commission “to engage with member states most affected by a disorderly withdrawal”, citing supports including intervention, aids to private storage, and exceptional aid measures.
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