Risk management has become increasingly important in virtually all aspects of the economy, including agriculture. Every country that considers agriculture a strategically important economic sector strives for effective risk management in agriculture. In our study American and European Union farmers’ risk management practices were, based on various surveys, compared. In terms of agricultural risk management, major differences between the USA and the EU were evident, and these derive from different farming cultures, differences in historical evolution, and economic philosophy. This study provides an overview regarding the important similarities and dissimilarities.