The slump is a disaster for dairy farmers. Thousands protested in Brussels Monday, blocking streets with their tractors, and showering police with hay and eggs.
While the price of milk in shops has fallen by around 5% this year, wholesale milk prices have collapsed by about 20% to around 37 cents.
That's forcing many farmers to sell their milk for less than it costs them to produce it.
The EU said Monday it will provide farmers with 500 million euros ($555 million) in emergency support to help them cope with the plummeting prices.