2022 will go into the books as the third-costliest year for weather disasters in U.S. history. The estimated total economic losses reached $165 billion.
New analysis by American Farm Bureau economists shows extreme weather caused more than $21 billion in crop losses. The impact on American farms and ranches demonstrates the importance of farm bill programs to help rural communities recover from weather-related disasters. The AFBF Market Intel Report says more than $11 billion in losses were covered by existing Risk Management Agency programs as of February 2022. Over $10 billion in losses were not insured through RMA, existed outside of policy coverage levels, or didn’t qualify under an existing risk management program.
“It’s not hard to see why programs like crop insurance and disaster coverage are vital to the livelihoods of farmers and ranchers and the overall stability of our country, as a whole,” says AFB President Zippy Duvall.
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