The European cost due to the energy crisis is almost 800 billion euros

The European cost due to the energy crisis is almost 800 billion euros

The bill for European countries to protect households and companies from soaring energy costs has risen to nearly 800 billion euros, researchers said, urging countries to be more precise in their spending to tackle the energy crisis.

The countries of the European Union have now earmarked or allocated 681 billion euros for the prevention of the energy crisis, while Britain has set aside 103 billion euros and Norway 8.1 billion euros since September 2021, according to an analysis by the think-tank Bruegel.

A total of 792 billion euros compared with 706 billion euros in Bruegel’s last estimate in November, as countries continue to grapple with the consequences of most Russian gas cuts over the winter.

Germany spent the most, setting aside almost 270 billion euros. Britain, Italy and France are next in terms of spending, although each spent less than €150 billion. Most EU countries have spent only a fraction of this. In terms of consumption per capita, the biggest consumers are Luxembourg, Denmark and Germany.

The money set aside by countries for the energy crisis is now the same amount as the EU’s 750 billion euro recovery fund from COVID-19.

The new data comes as the EU debates loosening rules on state investment and support for green technology projects as Europe seeks to compete with subsidies from the US and China, Reuters reports.