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Drought Brings Record U.S. Cost for Crop-Insurance Subsidy

U.S. taxpayers could pay a record $15 billion to subsidize the privately run crop insurance program this year, double the recent cost due to devastating drought in the Farm Belt, say an array of agricultural economists.

By Charles Abbott, Reuters | Updated on October 17, 2012
(AP Photo/Danny Johnston)

WASHINGTON (Reuters) – U.S. taxpayers could pay a record $15 billion to subsidize the privately run crop insurance program this year, double the recent cost due to devastating drought in the Farm Belt, say an array of agricultural economists.

The program’s runaway costs are in focus as Congress looks for ways to cut government spending, making crop insurance a bigger target for reforms.

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