Choi Sang-mok: "400 Billion Won Support for Wildfire-Affected Farms... Public Utility Fees Frozen in First Half of the Year"

Economic Ministers' Meeting on the 2nd
Immediate Payment of Disaster Recovery and Relief Funds

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok announced on the 2nd that “more than 400 billion won will be provided, including the injection of emergency living stabilization funds, to support farms in areas affected by the largest wildfire damage in history.” He also decided to freeze public utility charges such as electricity, gas, and railroads during the first half of the year.

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is attending the Economic Ministers' Meeting held at the Government Seoul Office in Jongno-gu, Seoul on the 2nd, speaking about the consumer price trends in March. 2025.4.2 Photo by Jo Yong-jun

On the 2nd, Deputy Prime Minister Choi presided over the Economic Ministers' Meeting at the Government Seoul Office and made these remarks. At the meeting, he said, “We will promptly inject funds to minimize the impact on agricultural product supply and prices caused by the wildfire and to support affected farms,” adding, “We will quickly allocate more than 400 billion won using the existing budget for equipment and facility restoration, feed purchases, and emergency living stabilization funds.”

He continued, “Disaster recovery costs and disaster relief funds for crops and livestock will be provided immediately after the damage survey is completed, and disaster insurance payments will be prepaid at 50% if the affected farms wish.” Additionally, damaged agricultural machinery and equipment will be supplied free of charge or at a discount. The government also plans to support agricultural and livestock management stabilization by offering repayment deferrals (up to 2 years) and interest reductions on agricultural management funds, as well as disaster management funds.

Efforts will also be made to stabilize public utility charges. Deputy Prime Minister Choi stated, “Public utility charges managed by central government departments, such as electricity, gas, and railroads, will be frozen during the first half of the year by absorbing price increase factors through cost reduction and self-help efforts,” and added, “We will actively communicate, led by the Ministry of the Interior and Safety, to stabilize local government public utility charges as well.”

To stabilize the perceived inflation, an additional 30 billion won will be invested in discount support for agricultural, livestock, and fishery products during April and May. More than 100 tons of cabbage and radish will be supplied daily to the market to stabilize supply and demand. Deputy Prime Minister Choi said, “We will also swiftly promote the restoration of essential infrastructure such as housing, electricity, and water in the affected areas,” and urged, “Each ministry, public institution, and company should hold various events in the affected areas to help restore daily life.”