AGRIBUSINESS: NRDC Believes Crop Losses, Need For Insurance Could Be Reduced
The Natural Resources Defense Council said the Federal Crop Insurance Program has failed farmers and taxpayers by ignoring water challenges.
Last year, the crop insurance program paid out a record $17.3 billion in crop losses and the NRDC said much of that could have been prevented through water-smart strategies. Extreme weather conditions such as drought are expected to become more common, which would most likely mean more record insurance payouts.
That report showed the top 10 states with the largest payouts were Illinois, Iowa, Indiana, Kentucky, Missouri, Wisconsin, South Dakota, Kansas, Nebraska and Texas.
Currently, more than 282-million-acres of cropland are insured under the FCIP which the NRDC said is the most expensive farm subsidy program and serves as the primary risk management tool for farmers to prepare for potential crop loss.