The €100 million funding for the beef sector – agreed between the Government and the EU – is important for “the lifeblood of rural Ireland”, according to Galway East TD Seán Canney.

The Minister of State with responsibility for rural affairs was referring to the beef sector, and the funding that was announced for that sector yesterday, Wednesday, May 15.

The agreement will see the EU send €50 million the way of beef farmers here, with the Government matching that figure.

This is very important and welcome news for our farmers. The IFA has reported that some of its members were facing financial ruin as a result of falling prices, sterling weakness and market uncertainty since the Brexit vote.

“The beef industry is the lifeblood of rural Ireland,” said Canney.

He said that he had been in discussions with Phil Hogan, European Commissioner for Agriculture and Rural Development, as well as Joe Healy, the president of the Irish Farmers’ Association (IFA).

“I have been assisting the Minister for Agriculture Michael Creed in making the case for our beef farmers at national and EU level and I am very pleased at this outcome,” he concluded.

News of the farmer fund, exclusively revealed by AgriLand yesterday, followed a recent submission from the Department of Agriculture, Food and the Marine to the commission seeking a significant, multi-million euro fund – specifically for beef farmers – in response to current market conditions arising from Brexit.

It is understood that the final details of this fund will be outlined in the coming days.