The European Union has announced a series of urgent measures to mitigate the economic damage caused by rapidly rising energy prices.
“Elchi” reports that the proposals announced on Wednesday highlight the negative impact of the war in Iran on the European economy.
The European Commission stated that for the second time in five years, Europeans are paying the price for their dependence on imported fossil fuels.
Due to high prices, the Union has spent an additional 24 billion euros on energy imports since the beginning of the war.
This figure represents an additional cost of more than $587 million per day without purchasing a single additional molecule of energy.
The plans also include the creation of a Europe-wide structure to identify jet fuel and diesel shortages and coordinate fuel sharing among member states.
Aviation and industrial sectors are at risk
The International Energy Agency and the aviation industry group ACI Europe have warned that Europe, which imports about 70 percent of its jet fuel needs, could face fuel shortages in the coming weeks. ACI Europe Director General Olivier Jankovec stated that aviation taxes should be suspended immediately to mitigate price impacts. Industry representatives emphasized that a reduction in air traffic would cause serious damage to national economies, especially those heavily dependent on tourism.
The decline in oil and natural gas supplies caused by the war in Iran is shifting its impact westward.
The European Commission stated that even if the conflicts end immediately, disruptions in energy supplies from the Gulf will continue in the near future. As a result, Germany’s Lufthansa Group has announced that it is canceling 20,000 flights until October to reduce jet fuel costs.
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