ECONOMY
Cost of Europe’s energy crisis
February 13, 2023 - European countries have spent more than €800 billion to shield households and companies from soaring energy costs since late 2021, according to the think-tank Bruegel.
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European Union countries have now earmarked or allocated €695 billion in energy crisis spending, while Britain spent €103 billion and Norway €8.1 billion since September 2021.
Germany topped the spending chart, allocating more than €268 billion. Britain, Italy and France were the next highest as countries protected customers facing Russia’s gas supply squeeze.
“Instead of price-suppressing measures that are de facto fossil fuels subsidies, governments should now foster more income-support policies targeted towards the lowest two quintiles of the income distribution and towards strategic sectors of the economy,” Bruegel research analyst Giovanni Sgaravatti said.