Beef farmers have gone through a horrendous period of financial loss, mainly as a result of Brexit-imposed market uncertainty, changes to the sterling exchange rate and price cuts. Some beef farmers are facing financial ruin. They cannot afford to carry this magnitude of loss and it is essential that the Government and European Commission provide a direct support aid package for the farmers concerned,” said president Healy.

Farmers expect that they will honour the commitments they have made over the last number of months

He confirmed that the IFA has written to both Minister Creed and European Commissioner for Agriculture Phil Hogan outlining the details on the €101m losses.

“Farmers expect that they will honour the commitments they have made over the last number of months. They must now convert these commitments into real delivery and cover the Brexit losses farmers have incurred to date,” Healy said. He added that this is the real test for the Government and the European Commission on their promises to support farmers through this difficult period.

The IFA analysis covers the period from 1 September 2018 to 23 March 2019, calculating losses based on comparing cattle prices in 2015 (pre-Brexit) to the very low prices farmers received in autumn 2018 and the winter and spring of 2019.

Irish beef farmers cannot carry a financial loss of €101m

For steers, heifers and young bulls, prices are based on the official Bord Bia-reported R3 price. For cows, the O3 grade price comparison was used. Department of Agriculture weekly cattle numbers at the meat plants and average carcase weights were used in the calculations.

IFA national livestock chair Angus Woods said Brexit has already severely affected the beef sector and this has been pushed back on top of farmers at the start of the food chain. “Irish beef farmers cannot carry a financial loss of €101m. These farm families have major financial bills with banks, merchants and others, and they cannot be left hung out to dry.”