Disaster recovery cost increase: Ginseng farming subdivision support

Published Sep 14, 2020

Tridge summary

South Korean farmers who faced losses due to summer rains will now receive full reimbursement for costs related to pesticide bands, leek bands, livestock stocking, and facility restoration, up from 50-80% to 100% of the actual transaction price. The Ministry of Agriculture, Food and Rural Affairs has revised the 'natural disaster recovery cost calculation standard', increasing the support for ginseng and over 120 other items. The revision, effective from late July to mid-August, follows the flooding that affected crop disaster insurance payments. This action aims to stabilize the management of affected farmers and help them return to farming.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Farmers who suffered from torrential rains this summer will receive support for disaster recovery costs that have been significantly increased. This is because pesticide bands, leek bands, livestock stocking, and facility restoration costs for major items, which were 50 to 80% of the actual transaction price, rose to 100%. Ginseng, which had been supported for only one to two years old (based on seedlings), was divided into 3 to 4 years old and 5 to 6 years old, and 50% of the actual transaction price was supported. The Ministry of Agriculture, Food and Rural Affairs, in consultation with the Ministry of Public Administration and Security and the Ministry of Strategy and Finance, revised the'natural disaster recovery cost calculation standard' and announced it on the 11th. The calculation criteria are adjusted annually, but this year, 123 items out of 174 items have been increased. The revised notice is applied from July 28 to August 11 from the damage of heavy rain. Items subject ...
Source: Nongmin

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