The Ontario Agriculture Sustainability Coalition (OASC) released results of a new study examining the economic impact that Ontario’s Risk Management Program (RMP) and Self-Directed Risk Management Program (SDRM) have on Ontario farms, farm production and the broader Ontario economy.
Western Fair District develops food and ag-product hub
There’s a lot of construction at the Western Fair District, all in efforts to spur more made-in-Ontario innovation in food…
Highlights of the study include:
- Every dollar spent on RMP/SDRM leads to $2.01 – $3.60 return on investment. In 2020, this led to an increase in economic output of between $282.6 million and $506.2 million.
- RMP/SDRM helps support more than 47,000 full-time, part-time, and seasonal jobs. More than 95 per cent of participating farmers agree that not having access to this program would negatively impact their farm operations.
- RMP/SDRM support allows farmers to mitigate input cost volatility, and enables many participating farmers to increase their investments in innovation, equipment and labour.
- On average for the 2016 – 2020 years, program funding only covered 40.4 per cent of calculated insurance benefits for participating farmers due to the current funding cap.
The full report can be accessed at the Ontario Agriculture Sustainability Coalition website.