Italian farmers will plant olive groves as olive oil prices are breaking records

The Coldiretti Farmers' Union and the Association of Olive Oil Producers (Unaprol) in Italy have agreed to plant one million olive trees. Funds for this project will come from the EU reconstruction fund. The new olive groves will produce approximately 20,000 tons of olive oil. However, this will only be possible after 8 years, because after such a period the olive tree bears its first fruits. The price of olive oil encourages cultivation The idea is a reaction to the rising global prices of extra virgin olive oil. They have recently increased by 42%. - says Coldiretti. The sharp jump in prices is, in turn, the result of a slow decline in production in Spain, which is the largest exporter of olive oil in the world. Trade unionists argue that only every fourth bottle of olive oil on the domestic market comes from domestic presses, whereas Italy used to be not only self-sufficient, but also exported a lot. Last year, Italians imported olive oil worth EUR 2.2 billion. A chance for a ...