The 2c/l cut to March milk prices will be a €15m loss for Irish dairy farmers, according to ICMSA dairy chair Gerald Quain.

“An average supplier will lose €9,000 in revenue from March to year-end on this milk price reduction alone,” he said.

Quain said co-op boards will need to recognise the pressures on farmers and look “inside their own gate for savings”.

IFA dairy chair Tom Phelan said co-ops should carry out a root and branch examination of all business costs.

“Co-ops cut the March milk price by too much, too soon, despite the fact they had sold product forward,” he said.