May 24, 2022

European Commission approves Italy's scheme to support agriculture, aquaculture sectors

The European Commission had approved a €1.2 billion (US$1.3 billion) scheme by Italy to support agricultural, forestry, fishery and aquaculture sectors in context of Russia's invasion of Ukraine.

Under the scheme, eligible beneficiaries will be entitled to receive limited amounts of aid in any of the following forms: direct grants, tax or payment advantages, repayable advances and reduction or exemption from the payment of social security and welfare contributions.

The measure will be open to companies of all sizes active in the agricultural, forestry, fishery and aquaculture sectors affected by the price increases of electricity, animal feed and fuel caused by the current geopolitical crisis and the related sanctions.

The aid will not exceed €35,000 (US$37,000) per beneficiary active in the primary production of agricultural products, fisheries and aquaculture sectors and €400,000 (US$427,000) per company active in all other sectors, and will be granted no later than December 31, 2022.

- European Commission