How European countries are spending billions on easing energy crisis

"European governments are announcing emergency measures on a near-weekly basis to protect households and businesses from the energy crisis stemming from Russia's war in Ukraine. Hundreds of billions of euros and counting have been shelled out since Russia invaded its pro-EU neighbour in late February. Governments have gone all out: from capping gas and electricity prices to rescuing struggling energy companies and providing direct aid to households to fill up their cars."

"But some leaders have taken pride at their use of the public purse to battle this new crisis, which has sent inflation soaring, raised the cost of living and sparked fears of recession. After announcing €14billion in new measures last week, Italian Prime Minister Mario Draghi boasted the latest spending put Italy, "among the countries that have spent the most in Europe"."

European governments are announcing emergency energy measures on a near-weekly basis to protect households and businesses from the crisis stemming from Russia's war in Ukraine. Hundreds of billions of euros have been spent since Russia's invasion in late February. Measures include capping gas and electricity prices, rescuing struggling energy companies, and providing direct aid to households. Public spending continued despite high pandemic-era debt levels across EU countries. Italy has allocated €59.2 billion since September 2021, equal to 3.3 percent of GDP, and ranks as the second-biggest spender after Germany. Germany has committed €100.2 billion (2.8 percent of GDP) and nationalised Uniper. France has allocated €53.6 billion (2.2 percent of GDP).

Read at The Local France