European countries to spend $486B to buffer energy crisis

BRUSSELS

Brussels-based think tank Bruegel said European countries will spend some €492.4 billion ($486 billion) for protecting households and businesses against rising energy prices.

The think tank's report showed that the UK allocated €178.6 billion, Germany €100.2 billion, Italy €59.2 billion, France €53.6 billion, Spain €35.5 billion, Poland €10.6 billion, Austria €8.9 billion, Romania €6.9 billion, Greece and Denmark €6.8 billion, the Netherlands €6.2 billion, Belgium €4.1 billion, Czechia €2.9 billion, Croatia €2.4 billion, Bulgaria €1.8 billion, Sweden €1.6 billion, Lithuania, Luxembourg and Latvia €1.1 billion, Slovakia €1 billion, Ireland €700 million, Finland €500 million, Slovenia €400 million, and Malta and Estonia €200 million.

Thus, the European countries committed a total budget of €492.4 billion to cushion against the energy crisis.

The European Commission, on the other hand, announced its contingency plan for the energy crisis last week.

The plan included limiting the revenues of low-cost energy producers, benefiting from fossil fuel companies, reducing electricity demand and providing liquidity to energy companies.

In addition, it is planned to support households and businesses with €140 billion to be provided from these measures.

On the other hand, the energy ministers of EU member states will hold an extraordinary meeting in Brussels on Sept. 30 to discuss the possible measures against the increase in energy prices.

*Writing by Gokhan Ergocun from Istanbul