The Spanish government has approved a support package for farmers that includes direct aid to help Spanish farmers buy fertilisers.

According to the Ministry of Agriculture, Fisheries and Food the Spanish government has earmarked a budget of €500 million to support the purchase of fertilisers.

The ministry has also confirmed that the support package will be available to all registered agricultural holdings in Spain and not just farmers who are not in receipt of Common Agricultural Policy (CAP) payments.

The Spanish government has also approved support that is specific for purchases of agricultural diesel.

According to the Ministry of Agriculture, Fisheries and Food "a subsidy of 20 cents per litre" will be available until June 30.

The ministry has outlined that a budget of €52 million has been allocated to finance this support package.

Spanish government

The government has also confirmed that the Spanish agriculture and fishing sectors will also be able to access a loan programme worth in the region of €300 million.

The new supports for Spanish farmers is part of a wider €5 billion package confirmed by the President of the Government of Spain, Pedro Sanchez to help the country's three million businesses and 20 million households cope with the impact of the Middle East conflict.

According to Sanchez this support package will mean that Spain will have the strongest social and economic safety net in the EU.

He said that the government's response plan includes both a short term measure to create this safety net and then a second more strategic approach to boost energy sovereignty in Spain and make it more resilient.

The plan will see electricity taxes in Spain cut by 60% and a reduction in VAT on electricity, natural gas, briquettes, and pellets.

Taxes have also been cut on petrol and diesel and the government has frozen the maximum sale price of butane and propane.