economy
Price of olive oil expected to rise again as European crops feel the heat
Farmers warn impact of high temperatures, drought and wildfires on range of foodstuffs means costs will increase
TL;DR
- Extreme heat, drought, and wildfires are causing a slump in European food production.
- Crop failures are expected to lead to rising prices for products like olive oil, maize, sunflowers, potatoes, and soya beans.
- The French vegetable sector warns of significant losses, with production on some crops potentially halved.
- Grape growth in French wine regions is hindered, threatening smaller harvests and earlier picking seasons.
- Spain forecasts a substantial drop in its cereal crop, even before considering the impact of wildfires.
- The EU has lowered harvest predictions for several key crops.
- Olive groves in Greece, Italy, and Portugal have been affected by fires and extreme heat, impacting olive oil production and prices.
- UK harvests are also suffering from drought, increasing reliance on imports.
- Turkey is noted as a major positive exception with strong crop yields due to favorable spring weather.
- Italy is experiencing increased wheat output, and Romania has had a good year after previous droughts.