ROME (Reuters) – Italy on Monday declared a state of emergency for areas surrounding the river Po, which accounts for roughly a third of the country’s agricultural production and is suffering its worst drought for 70 years. The government decree will allow authorities to cut through red tape and take action immediately if they think it necessary, such as to impose water rationing for homes and businesses. The Po is Italy’s longest river which runs for more than 650 km (400 miles) through the wealthy north of Italy. However, many stretches of the waterway have run dry and farmers say the flow i…