A €50m support package for beef farmers impacted by the COVID-19 outbreak has been announced.

The Agriculture Minister Michael Creed said the details of the scheme have yet to be decided and noted that the plan will need to get EU state aid approval.

He said he was “acutely aware” of the impact the outbreak has had on beef farmers and the wider rural economy.

“Farmers with finished animals have suffered a dual impact over recent months: reduced prices and a reduced kill,” he said.

“This support for the beef sector is an emergency response to a dramatic economic shock, to mitigate the worst COVID-19 economic impacts on these farm enterprises.

“Beef farming is a significant economic contributor to local rural economies, and thus is more important than ever in sustaining these communities as we work towards economic recovery.”

He said the next meeting of the Beef Taskforce is scheduled for the end of the month and urged all actors in the supply chain to work towards a “beef sector which is economically, environmentally and socially sustainable.”

In a statement, the Irish Farmers Association (IFA) President Tim Cullinan welcomed the package.

“The details of the scheme and the small print will be very important,” he said.

He said IFA officials had “worked hard lobbying politicians” around the country to get the package put in place.