Insurance payments to U.S. farmers for crops lost to droughts and flooding have risen more than threefold over the past 25 years, according to an analysis of federal data by the Environmental Working Group (EWG) released on Thursday.
The report reinforces concerns that insuring the nation’s crops will get more expensive for insurance companies, farmers and taxpayers as climate change drives more erratic weather events that disrupt agriculture.
The federal government pays about 60% of the nation’s crop insurance premiums through taxpayer subsidies, according to the Congressional Budget Office, and those premiums tend to rise as insurance payouts grow.Insurance payments to farmers due to drought rose more than 400% between 1995 and 2020 to $1.65 billion, while payments due to excess moisture – like floods - rose nearly 300% to $2.
“As extreme weather has become more frequent, the climate crisis has already increased insurance payments and premium subsidies. These costs are expected to go up even more, as climate change causes even more unpredictable weather conditions," EWG said in the report. The report did not detail average increases in premiums since 1995. The cost of insuring crops, however, could increase between 3.5% and 22% by 2080 due to climate change, even if farmers adapted what and where they plant, according to a 2019 USDA report.The federal crop insurance program requires farmers to meet minimal conservation standards, like not planting on land highly vulnerable to erosion.
But Anne Weir Schechinger, the Midwest director of EWG, said those standards should be tougher. “The program needs to be reformed so it encourages farmers to be resilient to extreme weather events that we know are ahead,” she said.Reporting by Leah Douglas in Washington Editing by Matthew LewisSubscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Luka's 25 Points Not Enough Against Steph Curry And Warriors, Mavericks Fall 130-92Stephen Curry had 18 points, nine rebounds and seven assists, and the Warriors pounded Luka Doncic and the Dallas Mavericks Tuesday night.
Les mer »
Exclusive: U.S. funding to WHO fell by 25% during pandemicU.S. financial contributions to the World Health Organization (WHO) have fallen by 25% during the coronavirus pandemic, provisional data show, with Washington's future support to the United Nations agency under review.
Les mer »
Early Addition: Pour One Out For The West Village's 25-Cent Martini DealBecause NY and NJ are the least affordable states to retire in, here are your morning links: The state is cracking down on 25-cent martinis in the West Village, the SAT is going digital, scientists want to know if humans can procreate in space, and more.
Les mer »
BTC, DOGE and SHIB Price Analysis for January 25Can the popular coins come back to the bullish trend by the end of the month? Dogecoin dogecoin jasdoge DogecoinMemes RacerDoge
Les mer »
How to solve Wordle 220 puzzle: Word clues for Jan. 25 WordleLooking for a hint on how to solve today's Wordle puzzle? Look no further.
Les mer »