There may well be a shortage of wine next year

Hold the press: your favourite thing is experiencing a major shortage.

Yes, less wine may well be coming into the world as global production is predicted to fall to its lowest point in 50 years.

The world’s three largest wine-producing countries have all reported major drops in the amount of wine they’re making, meaning we could also experience higher alcohol prices come 2018.

Italy reported a 23% decline in 2016 while France said production had dropped by 19% and Spain 15%. France hasn’t seen such a bad harvest since 1945.

The International Organisation of Vine and Wine (OIV) have blamed the shortage on the extreme weather that has hit Europe over the past couple of years, saying there will be “historically low 2017 production.”

“This drop is consecutive to climate hazards, which affected the main producing countries, particularly in Europe,” said an OIV spokesperson.

However, not all is lost. The world’s fourth largest producer, America, has only suffered a 1% loss in production.

The ‘new world’ wine producing regions are also on the up with places including South America and Australia seeing an increase in the amount produced.

The Aussie nation is predicted to see a 6% rise while Argentina’s production may increase by up to a quarter.

Rejoice.

Follow us on Instagram and Facebook for non-stop inspiration delivered fresh to your feed, every day. For Twitter updates, follow @YahooStyleUK.

Read more from Yahoo Style UK:

How to open a bottle of wine without a bottle opener

It’s about time we started drinking wine at breakfast

Global warming is putting wine under threat