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EU helps olive oil sector crisis

Spain, most of all, asked this help to European Commission. The aid for private storage will be granted for 100.000 tons for a period of 6 months

The European Commission informed Member States at today's Management Committee meeting of its intention to open in the coming weeks the tendering procedure for aid for private storage of olive oil. This proposal follows the fall in prices in recent weeks, which has seen Spanish virgin olive oil prices drop below the triggering level for PSA. Tenders may be lodged in all olive oil producing MS of the EU, the quality concerned is virgin olive oil, the global quantity up to which aid for private storage can be granted will be 100.000 tons and the storage period 6 months so that the stored volume can only come back on to the market after the end of the upcoming 2011/2012 harvest.

A formal decision on the opening will be taken shortly, once all the necessary internal procedures have been followed. EU Agriculture & Rural Development Commissioner Dacian Ciolos stated: "I have decided to take this action in order to help the sector address some of its short-term problems. By providing a 6-month storage period I believe that we will not adversely affect the market at the start of the new season. At the same stage, we will have to look at the more medium to long-term structural problems, and I will be coming forward with a concrete action plan on this in the coming weeks.

by T N
03 october 2011, World News > Europe

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