Europe’s Ongoing Energy Catastrophe JUST DEEPENED | Heading Towards DISASTER

Europe is currently facing an energy crisis that is causing concern for governments and citizens alike. The root of the problem lies in Russia’s ongoing conflict with Ukraine, which has disrupted the flow of natural gas to Europe. It’s also caused by the rising oil prices, impacting energy prices across the continent. This crisis is complex and complicated, with various factors contributing to the situation.

And now, recent reports suggest that Europe’s energy crisis is deepening, with energy costs rising to 800 billion euros.

A new report from think-tank Bruegel suggests that European countries have spent almost 800 billion euros trying to protect households and businesses from the rising energy cost.

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The report recommends that countries focus their spending more effectively to address the energy crisis.

The analysis shows that EU countries have allocated or set aside 681 billion euros for this. And the UK and Norway has spent 103 billion euros and 8.1 billion euros, respectively,.

According to Bruegel’s latest report, European countries spent 792 billion euros in response to the gas shortage caused by Russia in 2022.

This increased from their previous assessment in November, which totaled 706 billion euros.

Germany spent the most at nearly 270 billion euros, followed by Britain, Italy, and France, who each spent less than 150 billion euros.

Luxembourg, Denmark, and Germany were the top spenders per person, while most other EU countries spent much less.

Countries are now spending a lot of money on the energy crisis, which is similar to the amount of money the EU put into their COVID-19 recovery fund.

In addition, the EU is considering relaxing state aid rules to support green technology projects and compete with other countries’ subsidies.

The EU is worried that allowing more state aid could disrupt the internal market. Germany has been criticized for providing too much energy aid compared to other EU countries.

And instead of targeted support, governments have mainly focused on non-targeted measures like reducing VAT on petrol and setting price caps on retail power.

However, Bruegel suggests this needs to change as countries have limited funds to continue with broad funding.

Research analyst Giovanni Sgaravatti suggested that governments should stop suppressing the prices of fossil fuels as it amounts to a subsidy.

Instead, he recommended that they focus on creating income-support policies that target the two lowest quintiles of the income distribution and strategic sectors of the economy.

Furthermore, EU leaders have approved providing short-term assistance for environmentally friendly industries. This support will be specifically aimed at aiding these industries in a targeted manner.

Leaders of the European Union agreed to provide specific and temporary assistance to secure the continent’s position as a manufacturer of environmentally friendly technology.

It’s also aimed to compete with the United States and China.

The European Commission suggested relaxing state aid regulations for investments in renewable energy.

This would reduce carbon emissions, utilize hydrogen, and create zero-emission vehicles in response to the US Inflation Reduction Act.

EU leaders have also expressed concern that local content requirements of much of the $369 billion of subsidies in the IRA will encourage companies to abandon Europe for the United States.

German Chancellor Olaf Scholz said he was confident that talks between the transatlantic partners could limit discrimination against companies based in Europe.

According to the International Energy Agency, the market for clean energy products will be worth $650 billion annually by 2030.

And Europe wants to take advantage of this growth, but China currently dominates in areas such as solar panels, wind turbines, and vehicle batteries.

So, to address this, the Commission proposes two new acts: one to speed up permits for green projects and another to boost recycling and reduce reliance on Chinese processors.

The President of the Commission, Ursula von der Leyen, announced that the plan will be presented before the next EU leaders meeting on March 22-23.

However, the funding aspect of the plan is causing controversy, with many opposed to the idea of joint borrowing.

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