By Jean-Paul MacDonald
Farms.com
The agricultural community in Alberta received a beacon of hope as the AgriStability program announced its reopening. This program helps farmers who face sudden losses, and was reopened for those hit by recent wildfires and severe drought.
Farmers in Alberta have until September 29 to take advantage of AgriStability. This decision, an outcome of the joint efforts of the Government of Alberta and Agriculture and Agri-Food Canada, acknowledges the tough times that the farming community has been enduring.
Especially since many had missed the initial April 30 enrollment cut-off. This extended deadline is more than just a date – it offers farmers a chance to better evaluate and strategize against the business risks posed by these natural calamities.
AgriStability provides compensation of 80 cents per dollar for margin declines beyond 30%, a jump from the earlier 70 cents.
So, what is AgriStability? At its core, it's a safety net for Canadian farmers, protecting them from drastic income drops, whether due to reduced production, soaring costs, or tumultuous market scenarios.
The Sustainable Canadian Agricultural Partnership (Sustainable CAP) is the body overseeing the program. Sustainable CAP is the combined commitment of federal, provincial, and territorial governments towards a prosperous and sustainable agricultural future.
RJ Sigurdson, Alberta Minister of Agriculture and Irrigation expressed the government's understanding of the challenges faced by farmers. “Our farmers and ranchers, battling wildfires and drought, deserve support. The late AgriStability entry allows them a chance to secure their operations and future,” he said.
Joining the program doesn't just offer protection – it also opens doors to other financial avenues. One such option is the federal Advanced Payments Program, known for its affordable cash advances.
Lawrence MacAulay, Minister of Agriculture and Agri-Food Canada, commended Alberta's producers for their tenacity amidst adversities. Highlighting the importance of programs like AgriStability, he stated,
“It's imperative for farmers to have ample time to make informed decisions, ensuring their business's well-being.”