Popular Italian foods like olive oil, tomatoes, and risotto rice could cost 50 percent more as a result of the drought in Italy's Po basin. 

The 'breadbasket' region of Italy is in a months-long dry spell, the worst in 70 years, which prompted the regional government to declare a state of emergency.

Farmers in the Po valley have warned of much smaller crops this year: Olives are as much as 30 percent fewer than 2021, and tomatoes and arborio rice (often used for risotto) yields could be half the usual level. 

One market stakeholder told The Grocer trade journal the situation is serious for olive groves, and many other fruits. 

"Unless it rains very soon, the olive crop will be dramatically reduced," Walter Zanre, the UK managing director of olive oil producer Filippo Berio said, adding that apricots, peaches and pears were under threat. 

Importers say any produce they do buy from Italy will cost much more. 

"I don't think we are going to get much out of Italy and what we are going to get will be very expensive," said Jason Bull, CEO of Eurostar Commodities, which imports rice and tomatoes.

Italy's largest agricultural union, Coldiretti, has said the drought threatens more than 30 percent of the country's agricultural production and half of the farms in the Po valley.

Giampaolo Zucchi, President of the Po District Civil Protection Authority, explained the reasons for the drought. 

"It is a very serious situation because it has persisted for many months, from a dry autumn last year to a winter with little snow and a very hot spring," he said.

Unrelated to the drought, but just as disastrous for crops in another Italian region, is the worst locust swarm in 30 years. 

Farmers in Sardinia said 60,000 hectares would be affected - on top of already rising global prices, and drought affecting Italy's internal market. 

Ignazio Floris, of Sardinia's Sassari University, told Reuters this year's invasion has been affecting an area equal to 2-3 percent of the island.