In December this year, due to more than 23,000 farmer applications, insurance premium subsidies worth almost HUF 14 billion (~EUR 36.40 million) were approved for farmers who supplement their risk management tools with agroinsurance, Portfolio.hu reports.

The State Secretary for Agriculture and Rural Development of the Ministry of Agriculture Zsolt Feldman pointed out that Hungary has the most extensive agricultural risk management system in the European Union. And the state subsidy of agroinsurance is one of the pillars.

While in 2016, the annual available subsidy amount was only HUF 4 billion, in 2023 there are already over 23,000 applications and HUF 14 billion of subsidies approved.

*EUR 1 = HUF 384.64 (19.12.2023)