THE FEDERAL Government will look to the future with a $5 billion drought support fund, putting money aside for “non-rainy days” when farmers and their communities need assistance.

Ahead of a meeting with farmers and State premiers in Canberra today, Prime Minister Scott Morrison will commit to creating the Future Drought Fund, which would provide about $100 million a year for drought responses, community services, research, infrastructure and helping farmers adopt new technologies.

“The challenges of drought vary from farm to farm, district to district, town to town, and we continually need to adapt and build capacity,” Mr Morrison said.

“The Future Drought Fund gives us this opportunity. It guarantees drought support for the men and women who drive our nation.”

WA farmers have been spared the recent despair felt in the Eastern States, where many primary producers are experiencing the worst drought in living memory.

But the fund, which will be at the heart of talks at today’s national Drought Summit that will be attended by WA Premier Mark McGowan, is a long-term approach to guaranteeing farmers support when it is not raining.

It will operate in a similar way to the Abbott government’s $20 billion Medical Research Future Fund, which uses interest generated to provide research grants to scientists.

Beginning with an initial funding injection of $3.9 billion, the Future Drought fund is expected to build over time. About $100 million a year will be available from July 1, 2020.