After a record jump of milk production in 2014, the increase of output is expected to decline in 2015 due to slower export demand, decrease of world market prices and high level of commercial stocks of dairy commodities. On March 31, 2015, European milk quota system was terminated. In expectation of price volatility the European Commission introduced in September 2014 and extended till September 2015 a temporary Private Storage Aid program for butter and Non Fat Dried Milk. Although the Russian ban on imports of dairy products affected EU exports in 2014, the actual effect was smaller than originally expected. 

EU-28: Dairy and Products Semi-annual