USDA Long-Term Study: As World Warms, Expect Up To 80% Declines In Corn/Soy Production w/i 60 Yrs
Unchecked climate change could mean that the weather conditions hurting farmers this year will become increasingly common and result in higher costs for the federal government, according to a U.S. Department of Agriculture report.
The report, issued by the USDA’s Economic Research Service, found that if greenhouse gases are allowed to continue to increase, U.S. production of corn and soybeans—which are more susceptible to extreme heat during growing season—could decline as much as 80% in the next 60 years.
As a result, corn and soybean prices would skyrocket in that period, as would the cost of crop insurance. According to the study, the cost of crop insurance to the federal government could rise to $7.6 billion a year for corn and $3.3 billion for soybeans. By comparison, the USDA has spent roughly $300 million on insurance for the 2019 crop year as of July 15.
Federally subsidized crop insurance covers as much as 85% of a farmer’s acres against natural disasters or declines in commodity prices. The government subsidizes 62% of the insurance premium on average. “We show in the report that the cost of the crop insurance program will increase with global warming,” said Andrew Crane-Droesch, a research economist with the ERS and one of the authors of the report.
EDIT
https://climatecrocks.com/2019/07/31/usda-climate-will-crush-crops/#more-56483
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