France spends $216 million to dispose off some of the world’s best wine
Representative image of Wine tasting at a French vinery/Pexels
President Emmanuel Macron's government in France has earmarked 200 million euros (approximately $216 million) to support the disposal of excess wine within the country.
The whopping financial allocation aims to assist struggling producers facing reduced demand.
Why there is an excess of wine in France?
This is because the cost of producing the wine has outstripped its current selling price, leading wineries to experience losses for each bottle sold.
This challenge has been particularly pronounced in the Bordeaux region due to a combination of rising living costs, reduced demand post-Covid, and a hot European summer.
In response to this issue, the French government is facilitating the destruction of surplus wine, with the option to repurpose the alcohol for products like perfume or cleaning items.
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French Agriculture Minister Marc Fesneau said that the initiative seeks to prevent price collapses and rejuvenate revenue streams for winemakers.
Fesneau reportedly said that theinitiative is "aimed at stopping prices collapsing and so that winemakers can find sources of revenue again."
Fesneau urged winemakers to plan for a sustainable future and adapt their businesses accordingly.
How much money has been allocated to get rid of excess wine?
To address the situation in Bordeaux, the agriculture ministry unveiled a 57-million-euro fund in June to support the removal of around 9,500 hectares of vineyards in the region.
Producers are being encouraged to diversify their crops, such as considering olives. Originally, the EU allocated 160 million euros for the wine disposal effort, with the French government supplementing the fund to reach 200 million euros.
Also watch |World of Food: How wine took over the world
Despite ongoing challenges, French wine and spirits were standout exports from the country in 2022.
The Federation of French Wine and Spirits Exporters reported a record-breaking 17.2 billion euros in exports for French wine and spirits, marking a 10.8 per cent increase compared to 2021.
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