Norway restarts stockpile of grain stocks due to global uncertainties

By: Trademagazin Date: 2024. 06. 26. 11:22

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Responding to global geopolitical tensions, the coronavirus epidemic, and the challenges posed by climate change, Norway is resuming the stockpile of grain that was completed nearly two decades ago, in 2003. According to the Norwegian government’s announcement, the goal is to store a total of 82.5 thousand tons of grain by 2029, which the state can use immediately in the event of a crisis.

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The decision is based on the fact that during the Cold War, Norway began to store a significant amount of grain, which was gradually phased out by the early 2000s. However, the outbreak of the war in Ukraine and the constantly changing global environment forced the Norwegian government to reassess, as a result of which they decided to create strategic reserves again.

Agriculture Minister Geir Pollestad emphasized the need to accumulate grain stocks, which is motivated by “preparation for the unimaginable”. Minister of Finance Slagsvold Vedum emphasized that the aim of the initiative is to increase security, especially in the event that serious disruptions occur in the international trade system or in domestic production.