There's a few reports talking about wine shortages, such as this one at the BBC:-
The world is facing a wine shortage, with global consumer demand already significantly outstripping supply, a report has warned.
The research by America's Morgan Stanley financial services firm says demand for wine "exceeded supply by 300m cases in 2012".
...
They say this could be partly explained by "plummeting production" in Europe due to "ongoing vine pull and poor weather".
Well, 2012 was about poor weather, yes. Wine writers aren't too keen on what they've tried of Bordeaux 2012s, where 2010 is considered to be very good indeed.
I'm sure someone is going to start screaming about climate change, even though it seems to have produced some great years, but the point that should be underlined in that article is "vine pull", which Wikipedia explains as:-
Vine pull schemes are programs whereby grape growers receive a financial incentive to pull up their grape vines, a process known as arrachage in French.
in other words, set-aside for wine.
So, there isn't really a crisis in production, more that there's a one-off adjustment to remove subsidised, low-grade wine grapes and have wine grapes sold at market rates. Which is why European production is in decline and New World production is growing. The labor and land costs of someone in Chile are lower than in France.
