| Sep 10, 2002 |
Appellation Nemea 2002 total loss.
Our earlier optimism about the effects of rain on the 2002 vintage was based
on reports we received from around the country. At that point we hadn't heard anything
from Nemea. As it turned out, Nemean producers had bigger things on their minds.
The timing and duration of the rain had a devastating effect there, resulting in
the loss of around 95% of the region's harvest. For all intents and purposes this
means no releases for the year from any Nemean producers of the Agiorgitiko red that
is the sole appellation of the region. Typical production is in the area of 15,000
metric tons.
Because some producers will still have stock from the banner 2001 vintage, some product
will be available to bridge the period between the release of 2001 and 2003 (assuming
no similar disaster next year). For some producers in Greece's sluggish and competitive
domestic market, inventories are sufficient to enable the allotment of supplies throughout
2003. In the meantime, appeals for relief have been made to Agriculture Minister
Giorgos Drys who toured the region near the end of September. It is currently unclear
whether or how the government will step in to offer assistance to growers and producers.
We will provide more information as it becomes available. |
