Energy crisis: Europe has spent 800 billion euros, but the crisis is still not over
DUBLIN: The cost to European countries of protecting households and companies from rising energy costs has risen to almost €800 billion, researchers have said.
The European Union has set aside €681 billion to address the energy crisis, while the United Kingdom has set aside €103 billion and Norway has set aside €8.1 billion, beginning in September 2021.
The 792 billion euros compare to the 706 billion euros estimated by Bruegel in November, as countries continue to try to cope with a shortfall in Russian gas supplies to Europe in 2022. Germany topped the spending chart with a 270 billion euro allocation, outspending all other countries.
The United Kingdom, Italy, and France all spent less than €150 billion. Luxembourg, Denmark, and Germany spent the most on a per capita basis.
Countries’ spending on the energy crisis is now equal to the EU’s €750 billion COVID-19 recovery fund. Energy spending is increasing as countries debate EU proposals to expand green technology aid schemes in member states.
The research said governments focused most of their support on nonpartisan measures such as VAT cuts on petrol, or retail power price caps, rather than more aid schemes. Member states lack the financial resources of their own to sustain such broad funding, the think tank said, adding that they need to change policy.
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