Olive oil: EU’s support scheme contributes to alleviate pressure on market
The private storage aid scheme for olive oil adopted in November 2019 was concluded today, with the last tendering procedure. Overall, the scheme covered a total volume of 213,500 tonnes of olive oil, representing about 27% of total EU stocks at the beginning of the marketing year 2019/20. The fourth and last tendering procedure concluded on a maximum aid of €0.83 per day per tonne for extra virgin, virgin and lampante olive oil for a volume of 41,600 tonnes, to be stored during 180 days. Commissioner for Agriculture and Rural Development, Janusz Wojciechowski, said: “After months of market imbalance, I’m proud to see the last tendering under the private storage aid scheme for olive oil conclude on a positive note. It is too early to see the full impact of the support measure, but first signs of price recovery are already visible. The European Commission has shown once again its commitment and support to European farmers, especially when faced with market disruption.” The Commission will remain vigilant and continue to monitor closely market developments in the olive oil sector. For more information please see the information available online.