More storage aid for virgin olive oil

For the third time in eight months, the European Commission is to subsidise the temporary withdrawal of olive oil from the market in the hope rock bottom farm gate prices improve. An EC committee voted in favor of private storage aid (PSA) to cover 100,000 tons of virgin and extra virgin olive oil for up to 180 days. The aid will be available in all EU producer countries, namely Cyprus, France, Greece, Italy, Malta, Portugal, Slovenia and Spain. It is allocated via a tender process and the first offers will be accepted starting on May 31.