On Tuesday, Mansel Raymond, the chairman of the Copa-Cogeca Milk Working Party warned that there are low milk prices all across the EU, with farmers producing way below production costs.

Raymond said this is leading to severe cash flow problems and that "some of members in the working party warned they could go out of business unless action is taken."

He said that as a result of these pressures an increase in the EU milk intervention price must be seriously examined.

According to Copa-Cogeca, prices for raw milk across Europe at the moment are severely low and are especially bad in the Baltics. In Latvia, prices stand at 22 euros/100 kg, in Estonia they stand at 24 euros/100 kg and in Ireland they stand at 30 euros/100 kg. The average EU price for raw milk is 31 euros/100 kg.

The chairman also addressed the issue of the €800m superlevy bill which farmers face across Europe and urged the Commission to ensure that money from the superlevy stays in the sector.

"This decision must be made quickly to alleviate the difficult situation," he said.