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How much money have European countries and Latvia spent so far on suppressing energy prices? & More Latest News Here




In the last year, governments in Europe have already allocated 500 billion euros to curb the increase in energy prices, referring to the report of the research company “Bruegel”, writes foreign media.


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Gas and electricity prices in Europe have risen sharply as Russia has cut exports in response to Western sanctions over its invasion of Ukraine.

With prices rising at a cosmic pace, governments have introduced measures to cap retail electricity prices, reduce energy taxes and provide subsidies to bill payers.

The 27 EU countries have allocated a total of 314 billion euros for these measures, while Great Britain has allocated 178 billion euros. If you also take into account the funding that EU countries have allocated for the nationalization of energy companies, rescue or the granting of loans to energy supply companies in difficulty, then EU governments have spent a total of almost 450 billion euros, Bruegel estimates.

It has already been reported that Germany nationalized the gas importer “Uniper” on Wednesday, while Great Britain set a ceiling on electricity and gas costs for companies.

Many of these measures are intended to be temporary, but experts at Bruegel say state intervention has become “structural”.

“It is clear that this is not sustainable from a public finance perspective,” says Bruegel senior partner Simone Tagliapietra.

“Governments with more fiscal space will be better able to deal with the energy crisis and in a better position during the winter months than neighbors with limited energy resources,” he says.

So far, Germany has spent the most on the measures – allocating 100 billion euros. Croatia, Greece, Italy and Latvia have set aside more than 3% of GDP for solving the energy crisis, and Estonia – 200 million euros.

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The Article Is In Latvian🡽