South Korea Allocates $33 Million in Disaster Aid for Fisheries Amid High Temperatures

The South Korean government is bolstering its support measures for agricultural, livestock, and fishery products to stabilize supply and prices amid widespread damage caused by heatwaves, drought, and high water temperatures. The measures aim to mitigate the impact of fish and livestock deaths and prevent further price fluctuations.

At a special task force meeting on consumer price management, Deputy Prime Minister and Minister of Economy and Finance Gu Yoon-cheol announced plans to supply stockpiled goods like cabbage and radishes at the right time. He also stated that major agricultural, livestock, and fishery products would receive discounts of up to 50% until the Chuseok holiday.

The Ministry of Oceans and Fisheries will allocate 30 billion won to subsidize seafood discounts, offering up to 50% off prices for items such as flatfish, rockfish, and abalone. The discount period has been extended by four weeks, running until August 23rd.

To support the management stability of affected fishing households, the government will expedite insurance payouts. For disasters falling within the top 10% of severity, 50% of the estimated insurance payout will be disbursed within 30 days of confirming the cause of damage, without increasing insurance premiums. The disaster relief budget for this year has been increased by 153% to 33.2 billion won, with the first round of recovery funds to be distributed before Chuseok.

In the livestock sector, measures such as water spraying support for animal barns are being implemented to prevent deaths. A standing consultative body for agricultural product growth management will monitor weather and crop conditions, and the government will provide support for supplying medicine, nutrients, and shading agents.

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We will supply stockpiled goods such as cabbage and radishes at the right time according to the supply situation, and provide discounts of up to 50% on major agricultural, livestock, and fishery products until the Chuseok holiday.