Posted January. 06, 2011 08:28,
Foot-and-mouth disease is expected to inflict damage worth 1 trillion won (892 million U.S. dollars) on Korea.
As of Monday, the number of animals culled since the Nov. 29 outbreak of the disease in Andong, North Gyeongsang Province, hit 778,850.
The Food, Agriculture, Forestry and Fisheries Ministry said, Direct damage by the disease will reach 700 billion won (624 million U.S. dollars), including compensation for slaughter.
If the scale of culling increases, the compensation amount will grow so its difficult to calculate a total sum.
The 700 billion won excludes costs for vaccine purchases, management of disinfectant and checkpoints, livelihood support, and purchases of animals raised in areas near affected farms. With the number of farms whose animals are subject to slaughter surpassing 2,700, compensation to the farms is expected to exceed 30 billion won (26.8 million dollars).
Including intangible damage, the disease will cost the nation more than 1 trillion won (892 million dollars). With events by provincial governments to mark the New Year canceled, the disease has taken a heavy toll on provincial economies.
Until Korea restores its status of being clean from the disease, exports of meat and processed livestock goods will be hit hard.
An Agriculture Ministry official said, The allocation of additional funds will prevent a budget shortage but snowballing costs will prove a burden.