What is the loss for Europe’s farmers from not being allowed to grow GM crops?
A recent study by the University of Reading (UK) has revealed that European farmers are missing out on € 443 and € 929 million each year because they are not allowed to grow GM crops.
For example, if farmers could adopt insect-resistant Bt maize in countries other than Spain, the estimated value to farmers could range from € 157 million to € 334 million per year. If insect-resistant GM cotton was also available for cultivation in the EU, the potential benefit of approximately € 80/ha to farmers with about 260,000 ha of cotton in Greece and Spain would result in € 20.8M/year.
The estimated benefit of growing HT soybeans in Europe would be between € 5M and € 19M. Introducing GM oilseed rape to Europe would bring a potential annual benefit to EU farmers between € 195 and 318M.
A recent report published by the Swedish finance ministry concluded that Europe is even losing up to SEK 22 billion (about 2.25 bn €) per year by not planting GM crops.