The French government is uncorking €200 million (approximately Rs 17 billion) to tackle a grape-sized problem: too much wine and not enough takers.
You've got it! They're literally making money while saying au revoir to wine!
But this isn't just any wine woe; it's a cocktail of challenges. Craft beer has lured wine lovers away, overproduction has flooded the vineyards, and the cost of living is giving winemakers a headache.
What
- A substantial chunk of that €200 million (Rs 17 billion) will be used to rescue the excess wine.
- But this isn't your ordinary sip; it'll be repurposed into hand sanitisers, cleaning potions, and even a hint of perfume.
- Plus, winegrowers might just switch their grapes for olives with some of this cash.
Why
- It is all being done to prevent the wine market from going sour and to help vintners rediscover their mojo, says Agriculture Minister Marc Fesneau.
"Prices collapsing... so that wine-makers can find sources of revenue again."
- Marc Fesneau [BBC]
- Let's rewind to the mid-2000s when Europe faced what they called a "wine lake".
- It was like a flood of wine because the European Union was handing out subsidies like candy, causing a wine surplus.
- Fast forward to today, and the EU is still dishing out 1.06 billion euros (Rs 9,464 crore appx) every year for the wine industry.
- But now, people are sipping more beer and other drinks, not to mention Covid-19 shutting down bars and restaurants worldwide, which hit wine sales hard.
What data says
Well, if you take a sip of European Commission data, it tells a tale of wine woes.
- Wine consumption is dropping like grapes in Italy (down 7%), Spain (down 10%), France (down 15%), Germany (down 22%), and even Portugal (down a whopping 34%).
So, it's time for the French winemakers to sip, swirl, and adapt to this ever-changing wine landscape.
Bottom line
France is sipping on a glass of innovation, urging the wine world to adapt, or perhaps even switch to olives.
Cheers to the future!