Agriculture, Financial Services, Latvia, Loan, Markets and Companies

Swedbank agriculture expert Raimonds Miltins told LETA that the heavy rainfalls and floods have caused problems with harvesting across Latvia, while Latgale and Vidzeme’s eastern regions suffered most. Kurzeme is also seeing large problems, but the situation in Zemgale has stabilized.

"We will definitely help farms who will have problems with repayment of loans or payment for fertilizers, seeds. We will hold negotiations with farmers to find the most appropriate solution. We are already receiving the first applications from farmers in this respect, and some situation have already been solved," said Miltins.

SEB Banka spokesman Martins Panke told LETA that the bank maintains a close dialogue with farmers who suffered in rainfalls and floods, Farmers are also holding negotiations with the Agricultural Ministry in relation to possible compensations, and then the necessary assistance from the bank will be clear.

Farmers' Saeima Chairman Juris Lazdins said in an interview with Latvian Television that Latvian farmers' losses caused by heavy rains and floods in August and September are currently estimated at around EUR 50 million to EUR 60 million.

Farmers hope that the European Union could compensate farmers' losses in the Baltic region.

As reported, the Agriculture Ministry will consult the agriculture ministries of Estonia and Lithuania about jointly seeking the European Commission's aid for the flood-stricken farmers in the three Baltic countries.