Agricultural Emergency Assistance Act

Agricultural Emergency Assistance Act - Title I: Findings and Purpose - States the findings of Congress that a Federal crop insurance available nationwide for all agricultural production and producers is not possible in the foreseeable future, and that a well-coordinated Federal emergency assistance program is necessary to help agricultural producers cope with natural disasters.

Title II: Responsibilities of the Secretary of Agriculture; Conservation Assistance - Directs the Secretary of Agriculture to coordinate all Federal programs within the executive branch which are designed to assist agricultural producers in alleviating distress caused by natural disasters.

Authorizes an additional appropriation of $10,000,000 for drought emergency conservation measures for fiscal year 1977.

Title III: Crop Production Assistance - Directs the Secretary to make payments if, because of natural disaster or condition beyond the control of the producers, the total quantity of a crop on a farm (wheat, feed grains, rice, soybeans or upland cotton), which the producers are able to harvest, is an amount less calculated by a specified formula. Specifies a formula for calculating the amount of such payments. Limits the assistance program to 1978 through 1982.

Title IV: Livestock Production Assistance - Requires the Secretary to establish minimum reserve inventories of twenty million bushels of grain for disaster relief purposes. Authorizes the acquisition of hay and other livestock forages for such inventories. Authorizes the purchase of commodities for such purposes through the Commodity Credit Corporation.

Authorizes the Secretary, under specified conditions, to pay up to three-fourths (currently, 80 percent) of the actual cost of transporting a maximum ninety-day supply of hay or other livestock forage, or additional supplies if necessary, from areas in which hay is plentiful to livestock producers in major disaster or emergency areas, or producers who face undue financial hardship in maintaining their livestock herds. Stipulates a formula for computing the amount of such hay or forage.

Sets civil and criminal penalties for unapproved disposal of hay or forage for which transportation costs are paid under this title.

Title V: Credit Assistance - Amends the Emergency Livestock Credit Act of 1974 to change the period during which the cost of the borrower's highest level of livestock operations is to be the measure of the maximum amount of total loans for which he may be eligible.

Authorizes, under the Consolidated Farm and Rural Development Act, a grace period of two years during which, under appropriate circumstances, all principal and interest payments may be postponed, except for annual payments equal to one percent of the principal. Limits the beneficiaries of such grace period to borrowers whose farming, ranching or aquaculture operations located in disaster areas meeting specified requirements.