Paris CNN —The French government and the European Union will spend 200 million euros ($215 million) to help the country’s wine producers, who are struggling to cope with falling prices and waning demand.
High demand for the voluntary buyback program, which was announced in June, prompted authorities to stretch its budget to $200 million, the Agriculture Ministry said in a statement Friday.
France was, as of 2020, the world’s second-biggest wine producer and its biggest wine exporter.
EU wine exports from January to April this year are also 8.5% lower than last.
The French government is also encouraging wine growers to look to alternative crops to cope with climate change and changing market forces.
Persons:
rosés
Organizations:
Paris CNN, European Union, French Ministry of Agriculture, distillers, Agriculture Ministry
Locations:
France, Europe, EU, Italy, Spain, Germany, Portugal