Brussels, June 10 (QNA) - The European Union plans to allocate an additional EUR 300 million (around USD 346 million) in emergency funding to support farmers affected by the sharp rise in fertilizer prices linked to the conflict in the Middle East.

EU Commissioner for Budget Piotr Serafin said the European Commission has proposed increasing the 2026 agricultural reserve by EUR 300 million to assist the farmers most impacted this year, in addition to a previously announced EUR 200 million support package.

The proposal requires approval from the EU's 27 member states and the European Parliament.

Brussels is facing growing pressure to mitigate the impact of rising fertilizer costs, which could drive up food prices across the bloc.

Around one-third of globally traded seaborne fertilizers pass through the Strait of Hormuz, highlighting the vulnerability of supply chains to regional tensions. (QNA)