Earthquake cost to Napa wineries tops $80m

news  %tages Earthquake cost to Napa wineries tops $80m

Spilt wine has accounted for the bulk of wineries' estimated financial losses following California's worst earthquake for 25 years, with total costs now believed to be more than $80m.

Barrels were thrown across cellars and bottles slid from shelves to smash on the hard floor below during the 6.0 magnitude earthquake that struck just south of downtown Napa in the early hours of 24 August. Concerns about possible supply shortages of Californian wine may have subsided, but wine lost during the quake is subdue the largest single contributor to total winery hurts of $80.3m - an estimate handed to Napa officials this week by Silicon Valley Bank (SVB).Right financial losses are liable to be higher, because many wineries are subdue juggling a clean-up with the hassle of the 2014 harvest and also because some wineries 'are not thought about the lost revenue opportunity' from having less wine to sell, http://1000-facts-about-wine.com said Rob McMillan, executive vice president and founder of SVB's wine division.McMillan, who also suffered hurt at his own home, has spent the past two weeks calling wineries and contacts to assess hurt.'We estimate that 60% of Napa County wineries sustained some degree of hurt, and up to 25% of wineries suffered moderate to severe hurt exceeding $50,000 per winery,' said SVB in its report to officials. The worst-hit American Viticultural Areas were the Carneros Province of Napa, Mt Veeder, Yountville and Oak Knoll. Speaking to Decanter.com, McMillan said hurt reports different strongly from winery to winery. The worst case he has found is one producer who faces costs of around $8m.Few residents or wineries have earthquake insurance, primarily due to the excess charges. McMillan praised a spirit of togetherness amongst residents and winemakers alike. 'Everybody shares resources,' he said. 'We're doing lot of things to support our clients because it's the right thing to do.'Trade body Napa Valley Vintners has set aside a $10m emergency fund to help communities http://1000-facts-about-wine.com affected by the quake, which saw around 170 people hospitalised. There is significant hurt to properties in residential areas around Napa, McMillan said, and Napa County officials have estimated total hurt in the area at $400m.

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  • news  %tages Earthquake cost to Napa wineries tops $80m
  • news  %tages Earthquake cost to Napa wineries tops $80m
  • news  %tages Earthquake cost to Napa wineries tops $80m
  • news  %tages Earthquake cost to Napa wineries tops $80m
  • news  %tages Earthquake cost to Napa wineries tops $80m
  • news  %tages Earthquake cost to Napa wineries tops $80m
  • news  %tages Earthquake cost to Napa wineries tops $80m
  • news  %tages Earthquake cost to Napa wineries tops $80m
  • news  %tages Earthquake cost to Napa wineries tops $80m
  • news  %tages Earthquake cost to Napa wineries tops $80m
  • news  %tages Earthquake cost to Napa wineries tops $80m
  • news  %tages Earthquake cost to Napa wineries tops $80m

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