The estimated drain is reportedly just the start of deepest energy crisis in decades
© Getty Images / Anna Tanukevic / EyeEm
EU member states have spent roughly a trillion dollars (€940 billion) in the face of the bloc’s worst energy crisis in decades, Bloomberg is reporting on Sunday, citing calculations based on market data.
Soaring energy prices have sent its economies plunging into recession as most member states opted to stop importing gas from Russia, facing the necessity to turn to more expensive supplies.
The agency highlighted that the total estimated losses marks just the beginning of a full-scale crisis, as a period of high prices for energy could last years, while aid is already becoming unaffordable.
The security of energy supply is expected to remain an issue beyond next winter after the filled gas storage facilities across the region are emptied. The nations of the EU will have to refill their gas reserves for the next cold season with no deliveries from Russia, which also heats up competition for tankers.