Return of the wine lake
France, EU to spend 200 million euros on destroying surplus wine
The French government announced Friday that 200 million euros ($216 million) would be set aside to fund the destruction of surplus wine production in a bid to support struggling producers and shore up prices.
Several major wine-producing regions in France, particularly the famed Bordeaux area, are struggling because of a cocktail of problems from changes in consumption habits, the cost-of-living crisis and the after-effects of Covid-19.
A fall in demand for wine has led to over-production, a sharp fall in prices, and major financial difficulties for up to one in three wine makers in the Bordeaux region, according to the local farmers’ association.
An initial European Union fund of 160 million euros for wine destruction has been topped up to 200 million euros by the French government, Agriculture Minister Marc Fesneau told reporters at a press conference on Friday.
Source: https://akhaart.blogspot.com/2023/08/return-of-wine-lake.html
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