With the presence of a deadly, flesh-eating parasite in the U.S. growing greater by the day, federal and Texas officials are taking serious steps to stop a potential invasion and protect the country's livestock.

Officials say the screwworm has the potential to devastate the cattle industry, send beef prices soaring and kill wildlife.

The U.S. Department of Agriculture will spend up to $750 million to build a facility in Texas that produces sterile flies to fight the flesh-eating livestock pest New World screwworm, Secretary Brooke Rollins said on Friday.