Austrian farmers will receive investment support of more than 300 million €

Austrian investment support in times of corona crisis, the so-called investment premium, is also available for the agricultural and food sectors. The Austrian Ministry of Agriculture registers 32,940 applications with a total value of EUR 314.2 million, which should trigger investments of EUR 3.54 billion. The ministry points out that 40 percent of projects meet environmental criteria, doubling support from seven percent to 14 percent. "From new agricultural vehicles to solar panels on the roofs of stables and biomass processing equipment to the modernization of appliances, everything is there," APA quoted Agriculture Minister Elisabeth Köstinger as saying. "The establishment of a new homepage for direct sales is also eligible for support," she added. The investment premium is intended to take care of investments during the crisis, which will strengthen not only the companies themselves but also the economy as a whole. The application must be submitted by 28 February and the start of the investment must be by 1 June. The deadline for the investment up to 20 million euros is 28 February 2023. Any eligible investment will receive a premium of seven percent, exceptional environmental investments, such as photovoltaics or biomass, will be eligible for 14%. Investments in digitization also receive a higher amount of premium. If a farmer invests 6,000 euros net in a revolving gate, he will receive a 7% contribution from the state for investing in this facility, ie 420 euros, the ministry cited as an example. Another example is if someone invests 6,000 euros in creating a new website with online sales of their products, they receive a premium of 14% from the state, or 840 euros (digitization). The Ministry registers applications worth EUR 187.4 million for the 7% premium, and EUR 126.8 million for the 14% premium. So far, 28,169 applications have been received from the agricultural sector, totaling € 196.6 million for € 2.27 billion in investments. Forestry submitted 1384 premium applications for EUR 13.2 million for investments of EUR 152.2 million, fisheries and fish farming for 16 applications for EUR 0.4 million (investments of 4.6 million euros) and food for 3371 applications in worth € 104.2 million (investments of € 1.12 billion).