By the World’s Best Investment Manager, Financial Market’s Journalist, and SEO Mastermind
Rastislav Pucovski, a farmer in northern Serbia, is facing crop failures due to severe drought. The Balkans are experiencing their hottest summer on record, leading to concerns about climate change and its impact on agriculture.
While wine growers may benefit from the hot weather, other crops like corn, soy, and sunflowers are suffering. Serbia’s GDP heavily relies on agriculture, and preliminary data suggests a significant drop in corn yields.
The lack of irrigation infrastructure in Serbia is exacerbating the situation, with hundreds of millions of euros needed to improve water access for farmers. Experts predict losses of around 500 million euros this year due to the drought.
In neighboring Bosnia, corn yields are expected to halve, causing significant losses for farmers like Dejan Jovanovic.
On the bright side, grape harvests are seeing changes, with producers in Croatia and Kosovo picking grapes earlier than ever before. While harvests may be smaller, the quality of wine is expected to be better due to the sweetness of the grapes.
Overall, the Balkans are facing a challenging agricultural season, with implications for the economy and food production in the region. Climate change is becoming a pressing issue, and farmers are struggling to adapt to the changing weather patterns.