BRUSSELS, Sept. 28 (Xinhua) -- More than 52,000 dairy farmers in 27 EU member states, or 98.9 percent of dairy farmers, have applied to participate in a milk production reduction scheme, the European Commission said in a press release Wednesday.
The scheme, aiming to reduce milk supply across Europe to restore market balance and stabilize prices, was announced by EU Agriculture Commissioner Phil Hogan in July.
There is a total budget of 150 million euros (168 million U.S. dollars) allocated for the scheme, where farmers cutting production over the next three months will be funded.
The applications made offering to reduce production in the final quarter of 2016 by 1.06 million tonnes.
Hogan welcomed the news that the scheme has been almost fully subscribed. "The scheme has proven to be both very attractive and successful. It fully meets our expectations," he said.
"I am confident that this measure, will contribute further to an already stabilizing market situation in the European dairy market," he added.
