I don't think it is as simple as this.  Even "massive amounts of food" have to be produced in a safe and sustainable way, and chemical fertilisers, pesticides, and GM crops don't always meet those criteria.  Most of Western Europe is too densely populated or of unsuitable terrain for massive factory farms in any case.

Maximising employment, product quality, social cohesion and stability, environmental sustainability, biodiversity, rural and regional development, European self sufficiency and balancing supply/demand have always been part of EU agricultural policy.

No, it doesn't always provide you with the cheapest food, and the globalisation of the food industry continues apace.  Factory farms in less densely populated/more suitable terrains will continue to increase market share providing less employment, employment rights, often less biodiversity/sustainability, and possibly less food for those who need it most.

It is impossible to discuss the food industry outside its environmental and social context and market mechanisms alone will not ensure sustainability or distribution to those who need it.

notes from no w here