(CNN) - Here's some bad news: The world is facing a shortage of wine.

Spain, Italy and France --which together produce over half the world's wine -- are bracing for their worst harvests in decades after extreme weather damaged grapes. 

The pain in Europe, combined with lackluster production in the southern hemisphere and wildfires in California's wine region, has left analysts fearing shortages and higher prices. 

"We still foresee a dramatic decline in wine availability going into 2018," said Stephen Rannekleiv, a global beverages strategist at Rabobank. "We expect the decline [in consumption] to be felt most tangibly in the lower-priced tiers." 

The European Commission says that this year's regional harvest is expected to be the worst since 1982. Europe is set to produce 14.5 billion liters of wine this year, a drop of 14% from 2016.