E.U. loses €3 billion annually to fake alcohol
Fake wine, beer and spirits cost the European Union (E.U.) €3 billion (US$3.2bn) in lost sales every year, according to a new report. The lost sales contribute to €1.2bn in lost government revenue. In addition, the report estimates that fraudulent alcohol is responsible for 23,400 lost jobs in the E.U. The report stems from an expert discussion held by the Fraud Advisory Panel in October 2022. In the U.K., the report said fraudulent wine, beer and spirits cost businesses more than £200 million (US$242m) in lost sales every year, resulting in almost 3,000 lost jobs.