The bill for Europe’s energy crisis is approaching 800 billion euros, researchers said on Monday, asking countries to be more focused in their spending to solve the energy crisis, Reuters reported, citing Agerpres.

According to analysts at the Bruegel think tank, as of September 2021, EU countries have earmarked or allocated 681 billion euros to mitigate the impact of the energy crisis on companies and firms, while Great Britain and Norway have allocated 103 billion euros and , respectively. , 8.1 billion euros.

Today’s total of 792 billion euros comes after Bruegel’s November 2022 estimate of 706 billion euros, as countries continue to grapple with the effects of a winter Russian gas cut.

Germany tops the spending list with almost €270 billion, more than any other country. The UK, Italy and France followed, although each spent less than €150 billion.

Most EU member states spent only a fraction of this amount.

Luxembourg, Denmark and Germany spent the most per capita.

The energy crisis in Europe has cost as much as the COVID-19 pandemic

The sums allocated by countries to mitigate the effects of the energy crisis are now at the same level as the EU’s €750 billion post-pandemic recovery fund, and it comes as proposals to relax rules on state aid for projects are being debated . green technologies.

In this segment, Europe is trying to compete with the subsidies provided by the USA and China.

According to Bruegel analysts, governments should focus most on support measures aimed at reducing prices for consumers in the energy sector.

They also note that a change in current dynamics is needed, as states may run out of fiscal space to support such significant funding.

“Instead of price cap measures, which are effectively fossil fuel subsidies, governments should adopt policies aimed at supporting incomes and at strategic sectors of the economy,” explained Giovanni Sgaravatti, a researcher at the Bruegel think tank in Brussels.