September 21, 2022
GOVERNMENTS IN EUROPE HAVE EARMARKED NEARLY 500 BILLION EUROS IN THE LAST YEAR TO CUSHION CITIZENS AND COMPANIES FROM SOARING GAS AND POWER PRICES, according to research published by think-tank Bruegel on Wednesday.
Months of surging prices have seen governments roll out measures to curb retail power prices, slash energy taxes and give subsidies to bill-payers.
European gas and power prices have rocketed as Russia has cut fuel exports to retaliate for Western sanctions over its invasion of Ukraine.
The E.U.'s 27 countries have collectively allocated 314 billion euros for measures to ease the pain, while Britain has set aside 178 billion euros, according to Brussels-based Bruegel.