The Minister for Agriculture Food and Marine, Michael Creed, will today (Friday) bring details to Cabinet of a support scheme for beef farms which have been severely affected by the economic effects of the COVID-19 pandemic.

The package is expected to be fully funded by the Exchequer and will be subject to approval by the EU under state aid rules.

Cabinet approval

The Irish Farmers Journal understands that the package will be at least €10m and farmers will be permitted to apply to the scheme based on cattle slaughtered in a reference period during the coronavirus lockdown.

However, the package must secure crucial Cabinet approval this morning.

Market hit

Beef prices were hit hard when food service outlets across Ireland and Europe were closed in the lockdown, with markets for steak in particular hit badly.

While some fast food chains are now reopening, the huge volume of Irish beef that goes into burgers also meant a huge hit for the beef trade.

More to follow.