It should be available now. Our society is by far more technologically advanced and it is hard to imaging that of all the things we are able to do genetically modified food is not one of them. It would be a huge advantage to the world as a whole and could easily help solve world hunger.
It is not possible to fully asses benefits and risks now. This is because too little is known about the effects of eating genetically modified food. They just haven't been tested on humans for long enough for us to know what could happen. It may take generations for us to realize all the effects.