France to Cut Vineyards Amid Declining Global Wine Demand

Photographer: Nathan Laine/Bloomberg

France, recognized as the leading wine producer in the world, has secured €120 million ($132 million) in funding from the European Union to uproot a portion of its vineyards amid decreasing global demand.

The European Commission has sanctioned funding for the permanent removal of vines, offering €4,000 per hectare, as stated by an agriculture ministry announcement. This funding is expected to lead to the reduction of approximately 30,000 hectares (116 square miles), equating to about 4% of the total area, based on calculations from Bloomberg.

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