I remember reading in the paper that this would put the cost of food up, in some cases because we would be importing but in other cases becasue of the simple fact that when things are scarce they cost more.
What was really striking to me is that no-one was going to go hungry - we weren't going to run out of food. It would just cost more. Therefore people would naturally waste less food I suppose.
So in order to keep food cheap, we have to throw half of it away.
The same goes for virtually all resources: power, water, petrol etc. what the political debate always dodges here is that in order to reduce consumption the cost has to go up which means discretionary spending power will decrease and the economy will collapse.
The sooner the better.