Tobacco farming has also been a big industry in the town.
Compared to 1998, tobacco farming is down by 60% and falling.
The money would be made available over the next five years to farmers who decide to give up tobacco farming.
The town's museum describes the local heritage of tobacco farming.
Tobacco farming is a thin shadow of its prosperous past.
Many farmers want out of tobacco farming, but cannot afford to abandon it without help.
"Tobacco farming hasn't been an important part of my life, but I could certainly use the money with a child starting college this year," she said.
Tobacco farming was started immediately but it took several centuries for the potato to catch on.
Among export industries, tobacco farming is a major contributor to the island's economy.
Also many countries have government subsidies for tobacco farming.