Longford dairy farmers will have to cope with over €27 million worth of reductions in their milk revenue this year, from €70.5m in 2022 to €43.3m.

The latest figures from the ICMSA suggest tumbling milk prices will see Irish farmers experience a €2bn fall in revenue in 2023.

ICMSA President, Pat McCormack, says the fall in milk prices has wide reaching implications: “The milk price reductions so far in 2023 will wipe €2 billion from dairy farmers revenues in 2023 and in turn has reduced spending in rural communities by possibly double that amount and this is going to have a very serious impact not only on the dairy farmers themselves but on the wider rural economy in 2023 and well into 2024.”

This year has seen “severe cuts” to milk price: “It comes as no surprise to see the spending power of dairy farmers dramatically deteriorate and this is being reported by businesses across rural communities that provide goods and services to dairy farmers,” Pat said.