Heat oil in a large skillet or sauté pan over medium-high heat. Add onion, bell pepper, sausage, and garlic; sauté 5 minutes. Add paprika, salt, oregano, black pepper, and red pepper; cook 1 minute, stirring constantly so spices don't burn. Stir in chicken stock, farro, tomatoes, and bay leaves and bring to a boil. Reduce heat to low, cover, and simmer 30 minutes.
Uncover pan and stir in shrimp. Increase heat to medium and cook, uncovered, until shrimp are done, about 5 minutes. Let stand 5 minutes before serving. Discard bay leaves.