Extreme Weather Causes $482 Million Deficit in Saskatchewan's Agriculture Industry

To get an idea of the financial toll extreme weather is taking on this country's agriculture industry, look no further than the government of Saskatchewan 's books. The prairie province had forecast a more than $1 billion surplus for the fiscal year ending March 31, 2024, but fresh budget documents released last month show that surplus has completely evaporated, leaving Saskatchewan with an approximate $482 million deficit for the year instead.

The reason for this dramatic reversal? In large part, drought and a resulting increase in government crop insurance payouts. It's an example of what some experts say Canadians can expect to see more of as climate change pressures agricultural production. Taxpayer money already supports the agriculture industry in this country to the tune of billions of dollars each year, and some say the bill will go up as climate change-driven natural disasters make it harder for farmers to eke out a living

Source: News Formal (newsformal.com)

Extreme Weather Agriculture Industry Saskatchewan Deficit Drought Crop Insurance Climate Change Natural Disasters Farmers

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