Let us start off with the risks, as you have placed this first in your question. The big risk of GM foods is the way that there is so much that is unknown about the effects of genetically modifying foods. Will this create some form of genetic weakness or malfunction that could have devastating consequences a few years down the line? Might there be some form of disease that can be transfered to humans who consume GM foods? This is still a relatively new area of science, and critics argue that we actually know very little about GM foods and the possible consequences. Also, another massive argument against the use of GM foods is the way that they can spread so easily to different fields and become mixed with non-GM crops, making it very difficult to control strictly the use and spread of GM crops.
However, at the same time, it is clear that the use of GM foods offers great advantages to a world that is stricken by famine and the shortage of various food products. The ability of scientists to create crops that can withstand disease and unfavourable weather conditions has helped to boost production and this can only be a positive in terms of boosting the yield of crops and helping feed the world's growing population at a time when weather conditions are becoming ever-more erratic and unpredictable.