Crop insurance program wastes $7.8 billion, says environmental group

Corn Belt - GMO Crop Insurance program

A new report has suggested that farmers in the Corn Belt have been massively overcompensated. The results of an analysis that was commissioned by the Environmental Working Group (EWG) have now been released in a report which suggests that the federal crop insurance program’s compensation to farmers in the Corn Belt who experienced the greatest devastation from the drought in 2012, had actually been too high by an estimated $7.8 billion. The payouts from that disaster totaled approximately $14 billion, but the report said that far less would have sufficed.…

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Crop insurance report criticizes federal incentives

private Crop Insurance

An environmental group has released the data which has indicated FCIP’s structure is flawed. A report has just been released by the National Resources Defense Council, which has criticized the very structure of the Federal Crop Insurance Program (FCIP), despite the fact that the payments that the program has been making are vital to the financial survival of farmers across the country. Last year’s drought brought about payments that reached record heights, breaking the $17.3 billion mark. The National Resources Defense Council report contained the results of a study. It…

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