South Korea to provide 30.5 billion won in relief for heat and drought-damaged farms

The South Korean Ministry of Agriculture, Food and Rural Affairs has announced approximately 30.5 billion won in disaster recovery funds and financial support for 14,689 farms affected by extreme heat, drought, and hail during July and August. The support aims to alleviate financial burdens before the Chuseok holiday.

Nationwide, heat and drought caused damage to 5,887.8 hectares of crops, including ginseng, persimmons, pears, and green onions. Additionally, hail and strong winds in the Gyeongsangbuk-do region damaged 296.4 hectares of fruit trees, such as apples.

In Gyeongsangnam-do specifically, the provincial government is allocating 5 billion won to 5,638 farms that suffered losses across 1,534.6 hectares. Persimmon orchards accounted for the largest portion of the damage, representing about 78% of the affected area. The province plans to prioritize the distribution of 3.5 billion won before Chuseok to stabilize farm management.

Beyond direct recovery funds, the government is offering extensions on the repayment of agricultural policy funds and interest reductions. For farms with damage rates exceeding 30%, repayment can be deferred for one year, while those with over 50% damage may receive a two-year deferral. Loans with a 1.8% interest rate are also available for those requiring additional management capital.