The American Farm Bureau estimates 2020 natural disasters created $6.5 billion in crop losses alone, with less than half covered by indemnities through the USDA Risk Management Agency.
U.S. natural disasters that contributed to losses for agriculture companies and farmers include hurricanes, wildfires, drought and the flooding. Though the bureau estimates unrecovered losses to be at least $3.6 billion, those estimates do not include loss of livestock, infrastructure, timber and other ag-related expenses meaning experts say the overall losses are much higher.
According to the Federal Emergency Management Agency more than 100 Presidential Disaster Declarations were made in in 2020, with 30 declarations so far in 2021.
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