With a standard aid rate of 40% available, the funding will assist dairy farmers to modernise milking parlour technology.
Deasy said: “Already we're beginning to see major volatility in global milk prices. Demand from China has eased and Russia’s response to EU sanctions has had a major effect on prices. It has been compensated by a drought in New Zealand, but we now know we’re in a global market.
“Waterford farmers should avail of TAMS II as much as they can. The long term outlook for milk is still very good but a lot will depend on how efficient and technologically advanced individual operations are,” he added.
The scheme covers investment in milking machines, milk cooling and storage equipment, water heating and in-parlour feeding systems. All applications must be made online. The first funding round opens next week and runs until early October.