economy
March 17, 2026
EU has no money to mitigate energy shock caused by conflict in Iran
According to the newspaper, the public debt of some European countries, particularly the UK and France, is reaching 60-year highs
TL;DR
- Conflict in Iran has led to a sharp rise in oil and gas prices, potentially devastating the European economy.
- European countries, particularly the UK and France, have public debt reaching 60-year highs.
- Unlike the COVID-19 pandemic, European governments lack the financial resources to mitigate the consequences of rising energy prices.
- European Commission President Ursula von der Leyen reported a 50% increase in gas prices and a 27% rise in oil prices in the EU.
- The first 10 days of the conflict cost European taxpayers an additional 3 billion euros for fossil fuel imports.
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