Sure high prices are bad in the fact that beer prices will follow and that will make it a bit harder for all of us to enjoy beer. But it is these very same high prices that will fix the problem. Without prices going through the roof, no new acreage will be planted, perhaps even more acreage will go to some other, more lucrative, crop. Without high hop prices, in other words, there would be continual hop shortages! Astute observers will complain that if it is mostly a weather story then my contention is a bit thin, but the other way of looking at it is with high enough hop prices, more production will occur and that production will be spread and thus the total exposure to one adverse weather event will be reduced - hopefully leading to lower supply and price fluctuations in the future.
So, let's hear it for high prices!
This leads to a reminder of what the price system does in general. It transmits data about relative demand and supply to all the important economic actors, buyers and producers, and assures that the 'right' amount of stuff is produced. What is remarkable is that prices do this all on their own - they serve as a humongous coordinating device - and they do it incredibly well. Attempts to replace prices with something better have always failed: they have led to shortages, black markets and inflation. This is one of the true wonders of a market based economic system.