for their contribution to total area and to production value at producers' prices (PVPP). It comprises milk (49 percent of animals' PVPP). While this coverage is sufficient for the purposes of this analysis, it may lead to an underestimation of contingent liabilities. Notably, the production value of the final port- folio represents about 2 percent of the national GDP. In terms of the portfolio's risk exposure, the production Reference Value (RV) is around EUR 1.2 bil- In contrast, milk accounts for a significant portion of the portfolio's value at 26 percent, but contributes