Europe has approved 13.4 billion euros for Greece's Common Agricultural Policy (CAP 2023-27) strategic plan it was announced by the European Commission on Monday.
Along with the Greek plan, the European Commission also approved Germany's and Lithuania's CAP plans, altogether worth a total EU budget of 47.8 billion euros.
Out of the total EU budget of these three countries, more than 14 billion euros will be dedicated to environmental and climate objectives and eco-schemes, and 1.6 billion euros for young farmers.
Greece's plan will improve the viability of small-and-medium sized holdings, which represent the backbone of Greek agriculture, reads the Commission's announcement.
This will be done with the help of targeted income support and an additional redistributive payment. The Greek plan also aims to reduce the environmental footprint of agriculture and manage natural resources more efficiently, it was added.
The new Common Agricultural Policy (CAP) is set to start on January 1, 2023 and is designed to shape the transition to a sustainable, resilient and modern European agricultural sector. The CAP will benefit from 270 billion euros in funding for 2023-2027.