The American Farm Bureau estimates 2020 natural disasters created $6.5 billion in crop losses alone, with less than half covered by indemnities through the USDA Risk Management Agency.
Associate economist Danny Munch tells Brownfield there were a record 22 weather events last year that surpassed $1 billion in economic damages including hurricanes, wildfires, drought and the Midwest derecho.
He says the overall ag losses from 2020 natural disasters are much higher considering this data did not include livestock, infrastructure, timber and other ag related factors.
