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Rural development ministry to pay out HUF 114.7 billion in area-based land subsidies by Oct 18

The Rural Development Ministry said on Thursday it will start paying out the half of area-based land subsidies for this year as an advance from October 18. The advance will total HUF 114.7 billion.

The ministry calculates the subsidies at the European Commission's determined exchange rate of HUF 275.75 to the euro.

For a total of 4.829 million hectare approved by the EU as eligible area, land subsidies for this year grew to HUF 47,465.53 per hectare from HUF 42,173.00 last year. Farmers tendered requests for more than 5 million hectares, so final money amounts can be decided only after thorough controls.

Up to HUF 23,742.76 per hectare will now be paid to those farmers who tendered their requests by May. The rest of the sums will reach farmers between December 1st and June 30, 2011. (MTI-Econews)