The exchange rate used to convert EU support payments from euro to sterling this year will boost payments in NI by £13m or 5% compared to 2016. The average exchange rate for September was €1=£0.89470 (€1=£0.85228 in 2016).
Meanwhile, the rate for the Young Farmer payment has been set at £49.90/ha. In euro terms, this represents a 31% decrease from when the scheme first opened in 2015 (€81.28/ha). This is due to more entrants joining the scheme since then. The overall budget is capped at 2% of direct payments each year, worth around €6.5m.