Posted: Apr 21, 2020
Having an extra billion bottles of wine might sound great, until you think about the repercussions. This is a real problem European winemakers are facing due to surplus caused by the coronavirus outbreak. The crisis has included a 30% drop in volume and 50% drop in value of the EU wine market due to closures. And making matters worse, another harvest is coming up relatively quickly. That means tanks and storage space need to be emptied to make room before the new grapes are picked. A likely scenario is that much of this excess wine will be distilled down into industrial alcohol. If it comes to distilling, winemakers could be paid as little as 80 cents per liter for their excess wine. The industry is requesting assistance and regulatory changes from the EU to try and forestall the crisis.
April 21, 2020 Source: msn.com
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