The European Commission said new rules opening private storage aid in the pigmeat sector came into force on Monday, Dec. 4.
This measure, which provides EU funding to help cover the costs of storing certain pigmeat products for periods of three to five months, was devised to ease pressure on the EU market, which is still struggling from the Russian ban on imports from February 2014.
This was first announced last Sept. 15 by EU Agriculture Commissioner Phil Hogan as part of a €500-million ($565.94-million, at the exchange rate at the time) support package for farmers. This measure will now include lard-not previously covered by private storage aid-because of the large volumes previously exported to Russia.
"I am aware that the pigmeat sector is facing difficulties and prices have been in decline since September, and so I hope this measure will help the market", Hogan said on Monday.
Aid for private storage is a market measure within the frame of the Common Market Organisation Regulation 1308/2013, which compensates part of the storage cost for a certain period.
EU member states are to notify twice a week the quantities submitted into storage.