Europe’s corn yield is expected to drop by nearly a fifth due to a devastating drought. The bloc’s Monitoring Agricultural Resources forecasted that this upcoming harvest is not going to be a plentiful one.
Besides the news of record high electricity prices, a troubling new crop failure report about a low corn yield has popped up. According to Bloomberg, the plunge in corn output could result in further food inflation. It will boost feed costs for livestock herds, adding to even more woes for farmers who are plagued with elevated diesel and fertilizer prices.
This is #Europe’s future: corn that dried out before it could grow to be harvested as far as the eyes can see. #drought #climatechange #summer #france #charentemaritime pic.twitter.com/cRlDccLwcd
— Heike Franke 🇪🇺 (@hitchhyker) August 19, 2022
In late August, about half of Europe is under a drought warning. Crops, power plants, industry, and fish populations have been devastated by the heat and lack of rainfall. The European Commission Joint Research Centre warned earlier this month the ongoing drought is the worst in 500 years as vast amounts of farmland turn to dust. –ZeroHedge
Increasing crop failures because of drought will only exacerbate the food crisis that started long before the Ukraine “invasion”. Supermarket prices for meat in the EU jumped 12% in July versus a year earlier. Milk, cheese, and eggs are also skyrocketing at record rates. This allows us to come to the conclusion that inflation in Europe will remain quite high. As explained by Germany’s central bank chief Joachim Nagel: “The issue of inflation will not go away in 2023.”
Oddly enough, Europe’s centuries-old “hunger stones” were recently revealed in the Elbe River, which runs from the mountains of Czechia through Germany to the North Sea. The stones date back to a drought in 1616 and read: “Wenn du mich siehst, dann weine.”That translates to “if you see me, then weep.”
The warning on the stones appears correct because the new crop report forecasts corn yields will drop 16% below the five-year average, according to a report by ZeroHedge. That compares with a July forecast of an 8% decline. The timing seems uncanny, that’s for sure!
It Took 22 Years to Get to This Point
The United States just made a decision that could lead to World War 3. The current ruling class...
This article was originally published by Connor O'Keeffe at The Mises Institute. On Sunday, news...
The United States ruling class may be concerned that they have provoked Russia into an attack....
Commenting Policy:
Some comments on this web site are automatically moderated through our Spam protection systems. Please be patient if your comment isn’t immediately available. We’re not trying to censor you, the system just wants to make sure you’re not a robot posting random spam.
This website thrives because of its community. While we support lively debates and understand that people get excited, frustrated or angry at times, we ask that the conversation remain civil. Racism, to include any religious affiliation, will not be tolerated on this site, including the disparagement of people in the comments section.
Europe doesn’t rely on corn as much as US though. It’s still a major disaster, but corn isn’t as centre to their diet as Americans