Texas farmers face mounting expenses as droughts worsen, stressing subsidized crop insurance program.
The financial costs of drought in Texas have risen rapidly over recent decades, according to a new analysis of federal crop insurance data. The nonprofit Environmental Working Group , a longtime critic of the federal crop insurance program based in Washington , analyzed data from the U.S. Department of Agriculture and showed that drought accounts for more crop insurance payouts than any other weather phenomenon and that Texas draws more crop insurance payouts than any other state.
Facing drought and population pressures, SAWS looks for new water sources Drivers of the growth in payouts include inflation, expanding insurance coverage and immensely damaging droughts in 2011 and 2022. The federal crop insurance program, which provides highly subsidized coverage to American farmers, is one of several insurance sectors facing financial headwinds from increased exposure to increasingly severe weather, driven in part by carbon emissions from fossil fuels.
Edwards Aquifer Authority back to Stage 3 drought restrictions “We’re seeing just a lot of different perils, and clearly the numbers are adding up,” he said. “Inflation and the frequency and severity of natural disasters are key cost drivers.” The National Flood Insurance Program, a government-backed program to cover damage from high water in homes and businesses, is a “fiscal failure,” he said, based on an inaccurate assessment of risk. It is $20.
How to get farmers to use less Edwards Aquifer water? Pay them. When severe drought returned in 2022, it dealt even greater damage — 74% of the Texas cotton crop was lost. That year, Texas cotton farmers received almost $3 billion in crop insurance payouts. Without crop insurance, Rippey said, “it would have been an economic disaster.
Texas Tribune Environmental Working Group U.S. Department Of Agriculture U.S. Government Accountability Office University Of California Riverside Plains Cotton Growers COVID Insurance Information Institute Texas Farmers Union Southern Regional Climate Center M University Texas A&Amp Texas Farm Bureau University Of Houston Texas Comptroller Mike Oldham Anne Schechinger Mark Friedlander Joseph Glauber Bruce Babcock Abdul Khan John Nielsen-Gammon Brant Wilbourn Brad Rippey Texans Texas Washington American U.S. Panhandle Edwards Aquifer National Flood Insurance Program SAWS
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