Two years ago, Tuomas Pietiläinen, a dairy farmer who keeps 70 milk cows in the western municipality of Hankasalmi, invested 800,000 euros in his operation.
"We didn't know at that time that the quota system would be eliminated, and we've spent tens of thousands on milk quotas, too. As of tonight, the value of those investments is zero," Pietiläinen told Yle on Tuesday.
The European Union introduced a quota regime in the 1980s to deal with a glut of milk and dairy products. What will happen to the market now that quotas are being abolished is still uncertain.
"It's constantly on my mind, how the price of milk will change once production is totally free," says Tuomas Pietiläinen.
The most likely outcome of the move is an upswing in milk production and a subsequent fall in prices.
"Time will tell how much milk production rises in Europe and in Finland, too, and whether or not it creates pressure on the price paid to producers," comments Pertti Ruuska of the Central Union of Agricultural Producers and Forest Owners MTK regional office in Jyväskylä.
Prices already down
A number of factors, including Russian sanctions, have already pushed down the price of milk. Last summer, dairy farmers got 45 cents per litre for their milk. Now, they get 35 cents.
Tuomas Pietiläinen says that price is right at the break-even point, especially for dairy farmers who have taken loans to cover investments. With more than 10% of revenues vanished, farmers are struggling to find new ways to be even more efficient.
It is also possible that Finland may start importing more milk. Finnish dairy farmers can't compete on price with their central European counterparts.
"In central Europe they are getting ready to mow the first hay of the season, and here it is sleeting. It is a practical reality that we don't operate under the same conditions," Pietiläinen points out.