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MIAMI (CBSMiami) – From graduations to weddings, the impact of COVID-19 has led to a stream of canceled events, and that’s given the champagne industry a generous pour of bad luck.

With celebrations in short supply, sales of the sparkling beverage have fallen flat. The industry lost an unprecedented $2 billion in revenue over the past few months.

As lockdowns went into place around the world, champagne producers were left with nearly 100 million bottles of unsold product.

But don’t expect their price tag to drop anytime soon. To stabilize the price and prevent future waste, an official champagne committee is expected to put a cap on next month’s harvest. Meaning vineyards in eastern France will have to regulate the amount of grapes they pick, and burn or dispose of any excess. One winemaker likens it to pouring champagne in the gutter.

”It’s a destruction of nature’s gift. It’s unacceptable,” says Anselme Selosse.

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Vineyard owners who choose not to destroy their excess grapes, could be given the option to produce alcohol for hand sanitizer or sell to distilleries at a discount. Even with those options, the industry will likely see a loss of sales by a third this year.

”We are experiencing a crisis that we evaluate to be even worse than the Great Depression in terms of economy for champagne,” says Thibaut Le Mailloux from the Champagne Committee, a group that represents winemakers.

But there is still a glass half full approach.

”Champagne sometimes sounds a little bit optimistic, because we have this resilience, and we have three hundred years of a history of getting over the various crisis and finding solutions,” Le Mailloux says.

While the impact of COVID-19 will bubble over for years to come, he hopes the world can find a reason to raise a glass.

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Is college football canceled for 2020? Latest updates, news on Big Ten, SEC other Power 5 conference decisions

The decision whether to play FBS college football in 2020 is close to a tipping point.  

It’s a decision influenced by the COVID-19 pandemic in the United States, but there are other factors at work. College football players are inching toward a player’s union. The Power 5 commissioners have not delivered a unified message. The next week will influence whether FBS college football will happen.  

Sporting News will update those developments here as they happen.  

We Want To Play movement  

(Aug. 9): While several college stars have opted out for the 2020 season, others have sparked a movement to save the 2020 season. That includes Clemson quarterback Trevor Lawrence, Ohio State quarterback Justin Fields and Alabama running back Najee Harris. The players said one of the goals is to “utlimately create a college football players association.”  

Big Ten presidents meet

(Aug. 9): The Big Ten is rumored to be the next conference to call off the fall sports season. New Big Ten commissioner Kevin Warren reportedly favors a spring season , and the presidents of the 14 schools meet on Aug. 9. No decision has been made, but Yahoo Sports Pete Thamel reports the league is on the cusp of canceling the season.  

Source: Big Ten Presidents remain on the cusp of cancelling the season, but the league isn’t ready to announce. The decision is close, but not final. Big Ten programs have been instructed by Commissioner Kevin Warren to essentially go light in practice tomorrow.

— Pete Thamel (@PeteThamel) August 10, 2020

MAC cancels football

(Aug. 8): The Mid-American Conference became the first FBS conference to postpone the fall college football season. The decision was influenced by Northern Illinois president Lisa Freeman, a former research scientist. The MAC took a financial hit after losing 11 nonconference games with the Big Ten. The MAC has 12 football programs, and the conference is exploring spring football.  

UConn cancels season  

(Aug. 5): UConn becomes the first of the 130 FBS programs to cancel its season. The administration cited COVID-19 concerns. The Huskies moved to independent status in 2020-21 after leaving the American Athletic Conference.  

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