EU's Data Act Unlocks 270 Billion Euros for Agriculture by 2028
The EU's upcoming Data Act promises significant benefits for various sectors, including agriculture. It aims to unlock the value of machine-generated data from farms, potentially adding 270 billion euros to EU GDP by 2028. The act balances data access with protective measures for farmers and manufacturers.
Agricultural machinery generates vast amounts of data, such as milk quality, grain yield, and energy consumption. By 2025, it's estimated that 463 exabytes of new data will be generated daily, equivalent to around 212 million DVDs. The Data Act encourages farmers and manufacturers to cooperate, sharing this data for mutual benefit.
The act gives farmers sovereignty over their data, ensuring they have more control and can profit from it. It requires manufacturers to inform farmers about the data their machines generate. Farmers can then decide how to use this data, opening up opportunities with insurance companies, banks, food retailers, and more. Public authorities may access private data in exceptional circumstances, like natural disasters, with manufacturers checking data requests' validity.
The Data Act's protective mechanisms safeguard both farmers' and manufacturers' interests. By fostering cooperation and data sharing, it could create substantial economic growth for EU member states. Farmers gain sovereignty over their data, opening new avenues for partnerships and revenue streams.
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