The Commission put in place private storage aid schemes for butter and skimmed milk powder in summer 2014 to support producers facing the effects of the Russian import ban.
Following continued worldwide market imbalance, private storage aid schemes have already been extended three times since their introduction, to ensure continuity of support.
Speaking at an event on the milk sector in the European Parliament, European Commissioner for Agriculture and Rural Development, Phil Hogan said, "We want our farmers and dairy operators of all sizes to get a fair price for their hard work. We want them to continue delivering a world class product.
“We want to provide them with a greater degree of security and sustainability in their livelihood. The Commission will take all necessary steps to safeguard the livelihoods of our dairy farmers, and, indeed, the sustainability of our agri-food sector as a whole. I will use all the measures I possess to stabilise the market."
Scheme provides financial support
The measures are part of the ongoing attempt to stabilize the milk market in the EU.
The aim of the scheme is to offer financial support at times when prices of products are weak by temporarily removing surplus product from the market.
With private storage aid schemes, producers retain ownership of the product and receive EC payments in return for keeping agreed quantities in storage - and off the market - for a set period of time.