The Government has signed off on the new Common Agricultural Policy that will give Irish farmers nearly €9.8 billion over five years, beginning in January 2023.
The new CAP will run for five years to the end of 2027 and provides a bedrock of income to farmers in Ireland.
The bulk of Irelands' share of funding comes from the European Union, but Ireland will co-finance the policy by around €2.3 billion.
Speaking at a press conference in Government Buildings, MInister for Agriculture Charlie McConalogue said CAP is a vital support for farmers in Ireland.
"It will deliver some €9.8bn to our farm families over the next five years to support them to continue to produce world-class, safe and sustainable food as well as supporting them in their important work of meeting our climate ambitions," the Fianna Fáil TD said.
Climate ambitions are very much key to the new policy, with 25% of farmers' main payment being conditional on carrying out sustainable actions, such as tree planting or reducing chemical nitrogen fertiliser.
€1.5bn of the fund will be spent on the Agri Climate Rural Environment Scheme (ACRES), which aims to address biodiversity decline through targeted income support.
There is also a 500% increase in funding for organic farming, to bring it to €256 million.
There are also specific new supports for women farmers.
These relate to the establishment of female-only knowledge transfer groups, where female farmers can meet to discuss and learn about aspects of farming, and also to higher grant aid being available to women farmers under a farm modernisation scheme.
