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May 30, 2022 View:

European Commission decides to increase funding to alleviate wine stock overhang

The European Commission announced on Wednesday a series of exceptional measures to support the wine industry by closely monitoring the impact of the coronavirus crisis on the market, culminating in a decision to increase aid funding for crisis distillation and private storage in the wine industry to alleviate the pressure of excess stocks in the sector.

Image courtesy of: Penin Guide Spain

Specifically, national governments will cover the full cost of the wine industry"s crisis distillation and personal storage requirements, and EU member states will also be entitled to use all funds from their national support programs.

Not only that, but the EU's contribution to the financing of the National Support Program has increased from 60% to 70% to help the worst affected areas to survive this crisis.