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US crop insurance shields farmers from drought

2013-05-02 16:00:00| Climate Ark Climate Change & Global Warming Newsfeed

Bloomberg: When dry weather destroyed Leonard McKissick's soybeans last year, US government-backed insurance paid him $US40,000, the bulk of his loss. Across the Arkansas Delta this spring, farmers such as McKissick are sowing fields that suffered the worst drought in more than half a century. Even though crops may fail again, landowners are shielded by taxpayers from the full burden of their bad bets. Drought helped drive the cost of crop insurance to a record $US17.2 billion, the US Department of Agriculture...

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