The energy crisis caused by the war in the Middle East has cost the EU more than €22 billion
On Monday, European Commissioners discussed measures to address the energy challenges caused by the war in the Middle East. To date, the European Union has already spent more than 22 billion euros in additional costs on energy imports.
European Commission President Ursula von der Leyen announced this at a briefing in Brussels.
“Since the conflict began 44 days ago, our spending on fossil fuel imports has increased by over 22 billion euros,” von der Leyen said, emphasizing the crisis’s massive impact on the EU economy.
She noted that even if hostilities end quickly, disruptions to energy supplies from the Persian Gulf will continue for some time, so the College of EU Commissioners discussed a series of measures to respond to the crisis, which will be presented to the leaders of EU member states at the next informal European Council meeting in Cyprus next week.
Among the immediate measures that need to be taken, according to the European Commission, are ensuring reliable coordination among member states regarding gas procurement and the filling of gas storage facilities, as well as the emergency release of oil reserves to prevent damage to the single market from emergency measures taken by individual EU member states.
The second element of the immediate measures discussed at the College meeting concerns Member States’ approaches to protecting vulnerable groups and sectors from rising energy prices.
The measures should be targeted and temporary, according to the European Commission. von der Leyen said that the European Commission will share best practices for various support schemes with member states.
The third element discussed today was ways to reduce energy demand while respecting consumers’ freedom of choice.
At the same time, the European Commission is calling for structural measures to lower energy prices, including ending dependence on fossil fuels by shifting electricity production to renewable energy sources and nuclear power, as well as the rapid electrification of the economy.
The electrification strategy will be presented by this summer, von der Leyen said.
As of today, over 70% of electricity production in the EU comes from renewable energy sources and nuclear power. However, the European Commission believes these figures can be improved, as “huge amounts of clean energy remain untapped.”
Von der Leyen also called on member states to make better use of EU funds to invest in power grids, storage facilities, and batteries, while also urging an increase in private investment in this sector.
We previously reported that Brusselsis preparing a series of high-level EU-NATO meetings.
Additionally, the EU has increased imports of Russian LNG amid global energy crises.
Europe faces a jet fuel shortage due to the situation in the Strait of Hormuz — FT.
