The article is first assessing the limits of current CAP spendings in stabilizig farm income. Direct payments may have positive or negative wealth effects on farmers' risk behavior and therefore are not a pertinent risk management tool. The dedicated CAP toolbox for risk management, as designed in the 2013-2020 program, is related to deep loss if farm income due to climatic, sanitary or market shocks. The theory of risk layers call for the development of a specific instrument to deal with shallow losses. The article is presenting precautionary savings as an adequate principle that should be supported by national fiscal measures for being operational.