This move will contribute to ease the pressure on the EU pigmeat market resulting from the combined effect of Russian import barriers and the increase in EU production. Prices are now 20% below the 5-year-average.
Following the vote, Commissioner Hogan stated: "I believe that Private Storage Aid is the most effective tool available to us to address the difficult market situation. This measure will remove a considerable volume of product from the market, which should have the effect of putting a floor under the market, stabilising the financial situation of farmers and should enable the market to recover by stimulating the fragile recovery in prices."Aid for private storage is a market measure within the frame of the CMO Regulation 1308/2013 that compensates part of the storage cost for a certain period.
You can find more information on the Private Storage Aid for pigmeat here.