France passes law to increase winery stock levels
Following recent weather events that significantly impacted wine production, France has introduced a new law that will let wineries increase stock holdings by up to 20%.
The National Institute of Origin and Quality (INAO) said that producers of red and white wines in the country are now allowed to increase the amount of stock they hold back from 10% to 20%, rising to a total of 50% over a three-year period.
The new rules will also include three sweet wine regions – Sauternes, Barsac and Monbazillac – which were omitted from the original storage rules set up in 2013.
“This decision will reinforce the resilience of vineyards against recurrent weather hazards, by playing a role similar to crop insurance,” the INAO said.
Last year OIV predicted global wine production as a 50-year low following a number of climate challenges. In Bordeaux alone, production dropped by 40% after frost and hail damaged vineyards earlier this year.