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Energy crisis costs Europe trillion of euros
The European Commission estimated the energy crisis in Europe at a trillion euros.
At a recent press conference in Brussels, Maros Sefcovic, vice president of the European Commission, explained how Europe accumulated this impressive debt after the escalation of the situation in Ukraine.
Sefcovic said that high energy prices, especially gas prices, which determined how much to pay for electricity in Europe, had significantly affected people’s well-being. At that moment, gas prices were soaring, and Europeans had to save every penny to somehow make it through to the next payment.
By the way, the government has spent more than tens of millions of euros to help households and industry. Sefcovic added that the European government could have spent such a sum on something else, but the situation shaped their actions.
Although gas prices have fallen slightly, the problem of competitiveness between European companies has not dissipated. Sefcovic complains that the country competes at the international level. In Europe, energy prices are three or four times lower compared to those in the US and China.
Lower energy prices are the main topic European ministers are raising as part of the clean energy transition. However, it seems that the only thing that has been reduced is the temperature in the homes of Europeans in winter. What is more, sanctions against Russia have also dealt a serious blow to the entire global economy.
Published 23 April 2024
© InstaFintech Group
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© InstaFintech Group
