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."

"The public spending has continued, even though European Union countries had accumulated mountains of new debt to save their economies during the Covid pandemic in 2020. 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."

"Rome has allocated 59.2billion since September 2021 to shield households and businesses from the rising energy prices, accounting for 3.3 percent of its gross domestic product. Germany tops the list with 100.2billion, or 2.8 percent of its GDP, as the country was hit hard by its reliance on Russian gas supplies, which have dwindled in suspected retaliation over Western sanctions against Moscow for the war."

European governments are introducing emergency measures almost weekly to protect households and businesses from an energy crisis caused by Russia's invasion of Ukraine. Governments have deployed hundreds of billions of euros for measures including price caps on gas and electricity, rescues of struggling energy firms, and direct household support. Public spending continued despite pandemic-era debt accumulation and has contributed to rising inflation and cost-of-living pressures. Italy, Germany and France are among the largest spenders, with Italy allocating €59.2bn, Germany €100.2bn and France €53.6bn, and Germany moved to nationalise troubled gas firm Uniper.

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