EU Pays France €160m to Destroy Surplus Wine as Prices ‘Collapse’

Summary:

• France receives €160 million from the EU due to plummeting wine prices and reduced consumption.
• Wine consumption drops by 7% in Italy, 10% in Spain, 15% in France, and a significant 34% in Portugal.
• Surplus wine is a result of increased production and decreased demand, prompting concerns about sustainability.
• Craft beer's popularity contributes to the challenges faced by the traditional wine market.
• Debate arises about potential solutions, such as distributing excess wine to those in need.

France has destroyed more wine than me on a Friday night, and you, John. The European Union (EU) is paying France a significant sum of €160 million due to a collapse in wine prices and decreased consumption across the continent.

Wine consumption has seen a decline of 7% in Italy, 10% in Spain, 15% in France, and a staggering 34% in Portugal. In contrast, wine production within the EU has increased by 4%. This imbalance in supply and demand has led to surplus wine that is no longer economically viable.

As craft beer gains popularity, traditional wine markets are facing challenges. While some propose distributing excess wine to those in need, it remains to be seen whether alternatives to destruction will be explored.