Abstract: farm structure in Austria and level of educationchallenges of more volatile markets / more uncertain yieldsmore uncertainty about revenues and costsspecialisation and liquidity problems – not alleviated by EU direct paymentspolitical measures: late, uncertain, no legal title, wrong incentivestax credits – not relevant in Austria for most farmsprice hedging instruments steep learning curve and intransparent marketsmost frequently used: service of buying co-operatives control of accumulation risksdetails of contract are attractive for farmerse.g. monthly benefits for milk producersbenefits at the time of sale for pig, piglet, grain producerscombination with production risk insurance with discountsgovernment support during introduction period / as a new policy instrumentmarketing and sales: wholesale buyers / dairies / producer organisations offer margin insurance as a service

Abstract: Introduction: policy context•Impact Assessment: options, models, examples•Proposal for Effort Sharing Regulation and LULUCF Regulation•Conclusions and Outlook: more work for modellers 1. Fully in line with Paris Agreement, no backsliding on robustness and transparency2.Provides for continuity•Addresses Member States and not individual farmers or foresters•Stand-alone LULUCF pillar•No-debit rule (from KP)•Flexibility within LULUCF and from ESR to LULUCF3.Proposes limited innovations•Flexibility to the ESR up to 280 mt CO2•Aligning accounting rules (AF,CM/GM)•Defining EU-internal process to set national forest management levels•Simplifying administrationConclusions (2)

Abstract: It is a widely held belief (IPCC) that climate change bringsmore risks to the worldI Since the start of MACSUR, TradeM has had risk on theagenda, but few results have so far come out. It has beenclaimed though, that there is no evidence for more risk in theglobal wheat market (Steen and Gjølberg 2014) (TradeMworkshop at Hurdalssjøen)I I have myself had the ambition of creating a dynamicstochastic model of the food system in which risk would be anintegral part, but time has been too shortI I have also pointed to methods from finance to reveal insights,and that is the road to be followed here, guided by Bølviken &Benth (2000) Buyer’s risk larger than seller’s risk — due to asymmetricdistribution of returns. Large price jumps are more likely thanequally sized price falls.I Long term positions much more risky than short term ones —as expectedI Agricultural commodities much less risky than crude oilI Price risk are related to volatility, and their changes over timewill have similar causal explanationsI Risks of producers and consumers of agricultural commoditieswill to some extent be related to the price risk, and also totheir portfolios and the co-variance between returns