Friday, September 12, 2014

Napa wine industry sustains $80M damage from quake

Napa’s 6.0 earthquake in late August revealed at least two things about California: seismic activity is part of life and humans can be resilient. While estimates are quite preliminary, Napa’s famed wine industry likely suffered between $70 million and $100 million in damage from the Aug. 24 temblor, according to a report commissioned by the County of Napa and Napa County Vintners Association, a non-profit trade association. The report was issued by Silicon Valley Bank (SVB), the dominant lender to the Napa wine industry and an expert on the global wine industry. The bank’s analysis of wine industry losses is extensive. It includes damage to winery buildings and infrastructure such as waste water ponds and private bridges, winemaking equipment, cleanup and removal costs, vineyard irrigation, bottled inventory in current release, bottling supplies, finished inventory ready for bottling, bulk wine, barrels, lost revenue from damaged tasting rooms, losses from business interruption, and loss of wine held in wine libraries...more

1 comment:

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