DUNCAN – Provincial enhancements to AgriStability promise to address the mounting financial cost of extreme weather and shifting markets on BC crop producers.
In mid-January, the province raised the compensation rate under AgriStability to 90% on income declines greater than 30% as well as increasing the program’s existing payment limit to $6.2 million. Previously, the program provided 80% coverage up to $3 million per farm.
The province has also increased initial payments under the program to 75% from 50% for requests made by the March 31 deadline.
The changes apply to the 2024 program year, which was one of the most costly for producers across the province following an extreme cold event in January 2024.
With many producers still counting the costs, the enrolment deadline for 2024 has been extended to April 30. To date, 3,000 of the province’s 15,800 farmers have enrolled.
The expanded coverage is being funded with an additional $15 million.
Ministry data indicates that the wine grape sector was hit hardest last year, with Production Insurance paying out $49.7 million in claims.
Cherry growers claimed $44.7 million, followed by apple and peach growers with $7.4 million and $5.9 million paid out, respectively.
The changes announced in January follow on calls for changes to business risk management programs following the closure of the BC Tree Fruits Cooperative last July.
At that time, staff were tasked with reviewing the business risk management suite of programs and identify proposals for consideration at the next meeting of federal, provincial and territorial ministers of agriculture in early 2025.
Roots to growth in an agrarian community