Bruegel: European Energy Crisis Cost €800 Billion

Mitigating the fallout of the energy crisis has cost European countries €792 billion since September 2021, the financial think-tank Bruegel’s latest analysis, published on Monday, February 13th, shows.

The pandemic and then the war in Ukraine—as well as the West’s collective decision to answer it with ever-growing sanctions packages, something that only a few leaders dared challenge so far—has pushed the continent into a spiraling energy crisis as gas and oil prices soar and EU countries scramble to develop alternative infrastructure.

According to Bruegel’s latest report, the measures put in place by European countries (including the EU, the UK, and Norway) to “shield consumers from the direct impact of rising prices” have cost a fortune since the last quarter of 2021. The total of €792 billion includes Norway’s €8.1 billion, the UK’s €103 billion, and a whopping €681 billion of the EU—over a third of which, €268 billion has been earmarked by Germany alone.

Mitigating the fallout of the energy crisis has cost European countries €792 billion since September 2021, the financial think-tank Bruegel’s latest analysis, published on Monday, February 13th, shows.

The pandemic and then the war in Ukraine—as well as the West’s collective decision to answer it with ever-growing sanctions packages, something that only a few leaders dared challenge so far—has pushed the continent into a spiraling energy crisis as gas and oil prices soar and EU countries scramble to develop alternative infrastructure.

According to Bruegel’s latest report, the measures put in place by European countries (including the EU, the UK, and Norway) to “shield consumers from the direct impact of rising prices” have cost a fortune since the last quarter of 2021. The total of €792 billion includes Norway’s €8.1 billion, the UK’s €103 billion, and a whopping €681 billion of the EU—over a third of which, €268 billion has been earmarked by Germany alone.