The Ontario Agriculture Sustainability Coalition (OASC) has released an Economic Impact Assessment of the Risk Management Program (RMP) undertaken by Harry Cummings and Associates (HCA) on their behalf. Conducted this past summer, the study examined the economic value of the RMP to Ontario farmers who partnered with the Government of Ontario to design the cost-shared insurance program in 2011. The complete report can be found at www.oasc.ca.
The study found that without RMP:
- 62% of producers indicated they would not have maintained all their employees; 36% might have down-sized or left the industry, while a further 24% reported they would have sacrificed maintenance, expansion and farm improvements.
- Without RMP, even a modest resulting contraction in economic activity and employment would lead to a loss of approximately 3,250 jobs from the Ontario economy.
- Over the past four years, every dollar in payments generated $2.24 in positive economic activity.
Please click here to read the full news release.